Cocoa Processing Company In Turmoil

Nana Agyenim Boateng, Managing Director, CPC

The Board of Directors of Cocoa Processing Company Limited (CPC) has directed the Managing Director, Nana Agyenim Boateng, to step aside to pave way for investigations into allegations that had been levelled against him by the workers.

A letter from the Board, dated April 19, 2022, with the headline: ‘REQUEST TO STEP ASIDE AS MANAGING DIRECTOR OF COCOA PROCESSING COMPANY LIMITED,’ reads – “This letter is written on behalf of the Board of Directors of COCOA Processing Company Limited (CPC).

“At the emergency meeting of the Board of Directors of CPC held on 19th day of April, 2022 at its Head Office, resolved that you step aside pending the investigation by the Investigation Committee of the various allegations levelled against you by the staff. This takes effect from today, 19th April, 2022, until the final determination by the Board.

“Accordingly, a three-member Interim Management Committee (IMC), made up of the following Directors; Mr. Kwaku Owusu Baah, Mrs. Philomena Okyere and Ms. Alexandra Totoe, have been appointed to oversee the day-to-day affairs of the company. Kindly hand over to them. We are counting on your cooperation in this regard.”

The letter was copied the Board Chairman-CPC and Director (Production/F&IT/Legal).

The Chronicle could not establish some of the allegations that have necessitated the order to the MD, who was appointed in September 17, 2017, to step aside, as officials of the company contacted by this reporter were tight-lipped over the issue.

Though these officials confirmed to this paper that a letter had been dispatched to the MD to step aside, they were not prepared to go into the details, saying it was an internal issue that must be dealt with internally.

Nana Agyenim Boateng, however, told The Chronicle, in a telephone interview, that he had remained at post, as no one had handed over the said ‘step aside letter’ to him.

The CPC was established on November 27, 1981, and has a production capacity of 64,500 metric tonnes. It was wholly owned by the Cocoa Board (COCOBOD), but later was divested and listed on the Ghana Stock Exchange with the Ministry of Finance, Social Security and National Insurance Trust (SSNIT) owning 94.1% shares.


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