COCOBOD CEO must be investigated vigorously for accumulated losses – Kojo Bonsu

Former Kumasi Mayor Kojo Bonsu has called for Ghana Cocoa Board (COCOBOD) CEO Joseph Boahen Aidoo to be vigorously investigated over the Board's reported accumulated losses.

In a social media post on Tuesday, August 29, Mr. Bonsu described the losses as "intriguing" for an organization like COCOBOD under the leadership of Joseph Boahen Aidoo.

He said the CEO must be probed to uncover the rot under his leadership.

"It's quite intriguing why an institution like COCOBOD is said to have run into serious financial crisis, heading to a complete defunct. The CEO must therefore be investigated vigorously to bring the entire nation up to speed with the happenings at COCOBOD," Kojo Bonsu stated.

Reports indicate Ghana risks losing its key foreign exchange crop, cocoa due to factors such as galamsey, accumulated debts and expansions by other producers.

The Ghana Cocoa Board, which oversees production and exports, is allegedly struggling with huge annual deficits.

The IMF identified COCOBOD's deficits as a threat, noting that they stemmed from high bill rollover costs, elevated purchase prices for farmers and increased quasi-fiscal activities.

In January, COCOBOD defaulted on GH¢940.42 million in securities maturities, rolling over outstanding debts instead.