COCOBOD to launch payroll audit amid soaring $12 million monthly staff costs and financial troubles

The Ghana Cocoa Board (COCOBOD) is set to undergo a sweeping payroll audit as part of an aggressive reform agenda aimed at curbing inefficiencies and restoring financial discipline, according to Chief Executive Officer Dr. Ransford Annetey Abbey.

Appearing on TV3’s Hot Issues on Sunday, May 25, 2025, Dr. Abbey raised concerns about the organization's ballooning staff numbers and payroll costs, revealing that COCOBOD currently employs over 10,000 workers.

“COCOBOD has over 10,000 people on its payroll, and our staff costs is $12 million USD each month,” he stated.

He added with pointed candour: “We are going to do a staff audit to ascertain whether we are all human beings,” hinting at possible ghost names and systemic irregularities within the payroll system.

Dr. Abbey stressed that restructuring COCOBOD’s finances would depend heavily on eliminating waste and enforcing fiscal discipline.

“Once there is discipline and we cut down waste, we should be fine. It's gross mismanagement that puts COCOBOD in a terrible financial situation,” he said.

He attributed much of COCOBOD’s current distress to poor procurement practices and the inability of previous leadership to carry out a financial recovery plan. With the cedi’s recent gains, Dr. Abbey expressed hope that currency stability would ease external debt pressures.

As part of broader institutional reforms, the agency is also reviewing inventory levels—specifically jute sacks—and is working with the National Investigations Bureau (NIB) to trace 200 missing containers of cocoa-related supplies.

COCOBOD, currently saddled with a GHS33 billion debt, is under growing pressure to restore credibility and operational efficiency. Dr. Abbey’s new measures are seen as a critical attempt to rebuild confidence in Ghana’s cocoa sector and protect one of the nation’s most vital export industries.