Under NPP, COCOBOD Squanders ¢302m on Torchlights Amidst GH¢3.2bn Loss and $800m Loan

By Phalonzy 0272626466

The Ghana Cocoa Board’s (COCOBOD) financial woes continue to unravel, with revelations of a staggering GH¢302 million expenditure on solar torchlights for cocoa farmers, despite the institution’s GH¢3.2 billion loss in 2022 under the nose of Akuffo Addo/Bawumia administration. This egregious misallocation of resources has sparked outrage and raised questions about the NPP government’s stewardship of the sector.

It’s on records that COCOBOD’s decline began in 2017, when the NPP assumed office, with losses ballooning from GH¢395 million in 2017 to GH¢2.3 billion in 2022. The Board’s administrative costs have skyrocketed, with office expenditure increasing by 589% between 2016 and 2021. Meanwhile, cocoa farmers continue to struggle, with many facing poverty and inadequate support.

The NPP government’s handling of COCOBOD has been described as “reckless mismanagement” by opposition MPs, who point to the Board’s crippling debt burden and declining production levels. The approval of an $800 million loan had raised concerns about the government’s priorities and ability to address the sector’s systemic challenges during NPPs tenure.

COCOBOD was in crisis, gasping for breath, and the NPP government is squandering the nation’s resources.” The opposition Called for urgent reforms and greater transparency in COCOBOD’s operations, arguing that the current trajectory is unsustainable and threatens Ghana’s cocoa industry.