The Ghana Cocoa Board (COCOBOD) is facing fresh scrutiny after its Chief Executive Officer, Dr. Ransford Annetey Abbey, disclosed that around 200 containers of jute sacks and agrochemicals cannot be accounted for, despite official records showing they were delivered to the country’s ports.
Speaking on TV3 on Sunday, Dr. Abbey confirmed that the National Investigations Bureau (NIB) is actively investigating the missing consignments, amid fears of a significant financial loss to the already debt-strapped institution.
“We’re told that we are supposed to have about 200 containers at the port. The National Investigations Bureau is investigating because we don’t know where these containers are,” Dr. Abbey said. “But of course, once the bill of lading is presented to COCOBOD, there is a liability we must deal with.”
COCOBOD, the state agency responsible for Ghana’s cocoa industry, is already saddled with a GHC33 billion debt and, according to Dr. Abbey, is teetering on the brink of insolvency.
Adding to the gravity of the situation, the CEO revealed that COCOBOD owes agrochemical suppliers nearly $400 million. A portion of that debt, he said, relates to products that never made it to the organisation’s storage facilities.
“This is alarming,” he stated. “Why would anyone deliberately create financial loss to an institution that is already bleeding?”
Dr. Abbey also raised questions about procurement practices under previous administrations. He cited a decision to purchase an additional 75,000 bales of jute sacks for over $45 million, despite COCOBOD already having 111,000 in stock and cocoa production declining.
The revelations are expected to intensify public and parliamentary scrutiny of COCOBOD’s management and financial practices. The outcome of the NIB investigation could have far-reaching implications not only for the institution, but also for Ghana’s struggling cocoa sector, which remains a vital part of the national economy.
