The Secretary-General of the Ghana Federation of Labour (GFL), Abraham Koomson, has called for a comprehensive audit of the Ghana Cocoa Board (COCOBOD), insisting that years of financial mismanagement have weakened the institution and placed a heavy burden on the cocoa sector.
Speaking on Ahotor 92.3 FM’s Yepe Ahunu programme with Alexander Nana Dogbe in Accra, Mr. Koomson said COCOBOD has accumulated significant debts over the years, forcing it to rely heavily on borrowing to sustain its operations. He urged government to investigate the true financial state of the institution and ensure that cocoa farmers are not made to bear the consequences of past mismanagement.
According to him, the current administration has inherited a challenging financial situation and must carefully assess all liabilities within COCOBOD as part of broader reforms aimed at restoring confidence in the cocoa industry.
Mr. Koomson also called for the revival and modernization of Ghana’s Cocoa Processing Company (CPC), arguing that the country must reduce its dependence on foreign buyers and expand local value addition.
He referenced Ghana’s first President, Dr. Kwame Nkrumah, noting that several cocoa processing facilities, including the Cocoa Processing Company (CPC), were established to ensure that Ghana would not be overly dependent on external buyers in determining cocoa prices.
Mr. Koomson stressed that these facilities were intended to help Ghana process cocoa locally, preserve surplus production during periods of low global prices, and strengthen the country’s bargaining power on the international market. He questioned why Ghana continues to rely heavily on foreign buyers despite being one of the world’s leading cocoa producers.
“We can process our own cocoa beans into finished products, add value, create more jobs, and earn more revenue instead of exporting raw cocoa,” he stated.
He added that expanding local cocoa processing would enable Ghana to produce more chocolate and other cocoa-based products, boost employment opportunities, increase export earnings, and reduce vulnerability to external price fluctuations.
Mr. Koomson expressed confidence that with prudent financial management, investment in local processing, and farmer-focused policies, Ghana’s cocoa sector can be strengthened to make a greater contribution to national economic development.
Story by Stephen Owusu Mintah
