Massive Financial Losses At COCOBOD, Bank of Ghana, Deepen Ghana’s Economic Crisis

Feature Article Massive Financial Losses At COCOBOD, Bank of Ghana, Deepen Ghanas Economic Crisis
NOV 14, 2023 LISTEN

Ghana is experiencing a severe economic crisis as a result of pervasive corruption, a dearth of capable leadership, and above all, massive financial losses from large corporations that are the backbone of the nation's employment and economic growth. These developments raise the possibility that the country's already dire circumstances could worsen and possibly result in famine, since the government which has destroyed the nation's infrastructure, has not offered any solutions to the precarious situation.

Under the current administration, Akufo Addo and the NPP politicians, among them the president's relative, Ken Ofori-Atta, the Finance Minister, were genuinely preoccupied with renaming institutions and sharing properties, all the while ignoring the needs of the populace. Due to the government's massive corruption, there were significant financial losses and a high unemployment rate, leading to the collapse of some financial institutions, the economy, and local and foreign investments.

The country's corruption has skyrocketed by over 500% as a result of Akufo Addo's betrayal of the people, despite his promise to fight against corruption never before witnessed in Ghana. Imagine, how is it possible for a government that committed combat corruption to be the driving force behind all financial crimes, including illegal mining and gold trade? The Akufo Addo/Bawumia administration colluded with the Bank of Ghana's governor three separate times to create additional money without the approval of Parliament before the Bank of Ghana lost an enormous $5 billion.

Ghanaians need to understand that businesses whose directors were appointed by Akufo Addo are suffering financial losses, even as the immoralities continue to create deep craters in Ghana's precarious and faltering economy. For example, in May of this year, the staff of GIHOC Distilleries Limited demanded that Maxwell Kofi Jumah, the Managing Director, be fired immediately, due to financial mismanagement. Ghanaians are aware that one of the president's daughters is married to the son of Maxwell Kofi Jumah.

I’m not just saying it but have also written articles about it. Belgium and Switzerland are among the richest chocolate-producing nations in Europe despite not planting any cocoa trees. The dismal living conditions of Ghana, the second-largest cocoa-producing nation after Ivory Coast, have an impact on the livelihoods of the farmers who toil diligently to prepare the cocoa beans. Ghanaian cocoa growers put in a lot of work, but they never get to enjoy the results of their labor because COCOBOD management is becoming more corrupt, which results in enormous annual financial losses.

Even more worrisome is the realization that the COCOBOD chief has been actively pushing for Bawumia to be the next president, despite the financial setbacks the firm has suffered, which have exacerbated the economic crisis and made impoverished farmers' suffering worse. The late, great South African reggae artist Lucky Dube says, "What a crazy world are we living in?"

Why should the top executive of COCOBOD who has caused significant financial losses support Bawumia? Even if you've never attended school before, this ought to tell you something. Many Ghanaians see the NPP's financial crimes as a power struggle between the NDC and the NPP and, therefore; appear unconcerned. However, during the brief period between 2023 and 2024, Ghanaians will endure the bitterness of countless extreme hardships before realizing the senseless sufferings they have blithely supported to bring such calamity upon themselves.

I always remind Ghanaians that the claim of breaking the eighth cycle is not because of the suffering of the people, but rather a means of hiding their financial crimes, which will put Ghana into a deeper crisis when able to rig the elections again in 2024 and I constantly bring up the topic of election rigging because, without a rigged outcome, no rational Ghanaian would support Bawumia for president.

Ghana faces the biggest threat of the European Union boycotting the country’s cocoa, due to contaminated cocoa growing areas with dangerous chemicals for illegal mining, and opting to buy it from South America or other African nations. More importantly, the current technique of intensively cultivating cocoa trees in Ghana is viewed by European environmentalists and politicians as being exceedingly unsustainable and detrimental to the environment, causing everything from soil degradation to biodiversity loss.

Ghana's economy, industries, and investments have crumbled, making the country's future seem dismal. The financial losses that Akufo Addo's government is experiencing daily are the more worrisome factors, therefore; as a normal person, you should ask yourself, considering the terrible circumstances that have befallen our beloved country Ghana, what would happen if the European Union boycotts Ghanaian cocoa? Ghanaians need to be ready for severe economic reality under the NPP.