COCOBOD Inaugurates Committees to Drive Financial Discipline

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Chairman of the Board of Directors of Ghana Cocoa Board (COCOBOD),Dr. Samuel Ofosu-Ampofo,Deputy Minister for Agriculture,John Dumelo,CEO of COCOBOD,Dr. Randy Abbey,and other top executives of COCOBOD pose for a group photograph.

The Chairman of the Board of Directors of Ghana Cocoa Board (COCOBOD), Dr. Samuel Ofosu-Ampofo, has inaugurated three strategic sub-committees — the Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC) — as part of renewed efforts to enhance transparency, accountability, and sustainability within Ghana’s cocoa industry.

COCOBOD Chief Executive Dr. Randy Abbey at the meeting.

The inauguration, held at COCOBOD Headquarters in Accra, brought together board members, management, and staff in a ceremony that underscored the Board’s commitment to operational discipline and sectoral transformation.

Delivering his address, Dr. Ofosu-Ampofo described the inauguration as a significant milestone in the Board’s commitment to reposition Ghana’s cocoa sector in line with the Government’s Reset Agenda, under President John Dramani Mahama.

“Upon assuming office, the President constituted this new Board, with a clear mandate to chart a new course for the revival and transformation of Ghana’s cocoa sector.

“We are to diligently pursue this vision — one that seeks to restore discipline, efficiency, and sustainability in every aspect of our operations,” he said.

Finance Committee to Restore Fiscal Discipline

Dr. Ofosu-Ampofo noted that the Finance Committee would be central to strengthening fiscal discipline, particularly in view of the Board’s current financial challenges, including a debt stock estimated at GHS 32 billion.

“This situation underscores the urgent need for prudent financial management. Your committee’s role is, therefore, pivotal in restoring public confidence, strengthening fiscal discipline, and guiding the Board toward financial stability and growth,” he stressed.

He tasked the committee, chaired by Thomas Ampem Nyarko (MP), Deputy Minister of Finance, to ensure the transparent, efficient, and responsible use of resources, particularly in implementing productivity enhancement programmes.

On the Cocoa Tertiary Education Trust and Scholarship Committee, chaired by Dr. Johnson Asiama, Governor of the Bank of Ghana, Dr. Ofosu-Ampofo said its creation marks a new era in COCOBOD’s educational interventions.

The Chairman of the Board of Directors of Ghana Cocoa Board (COCOBOD), Dr. Samuel Ofosu-Ampofo.

The committee will oversee the Cocoa Tertiary Education Trust Fund, designed to support tertiary education, vocational training, and capacity building for the children of cocoa farmers and industry workers.

“Education has always been a cornerstone of Ghana’s national development. Through this Trust Fund, we will empower the next generation of cocoa farmers, ensuring that our youth are equipped with the skills and knowledge to sustain and transform the industry,” he said.

He urged committee members to move beyond boardroom deliberations and engage directly with cocoa-growing communities.

“Visit our farmers, listen to their stories, and let their experiences shape the policies and programmes you develop,” he advised.

COSMARC to Ensure Transparency in Cocoa Marketing

Highlighting the role of the Cocoa Sector Marketing Committee (COSMARC), chaired by Hon. Sampson Ahi (MP for Bodi), Dr. Ofosu-Ampofo said the committee would promote transparency and fairness in cocoa marketing. Its mandate includes reviewing the performance of Licensed Buying Companies (LBCs), assessing market trends, and recommending sustainability-driven policies.

“Irregularities in cocoa purchasing, smuggling, and unfair market practices have long undermined the integrity of the sector. COSMARC’s work will be vital in addressing these issues and upholding Ghana’s reputation as a global leader in quality cocoa,” he said.

Commitment to Integrity and Collaboration

Dr. Ofosu-Ampofo commended members of the three committees for their wealth of experience and charged them to uphold the values of transparency, integrity, and accountability.

“Together, let us work to promote education, accountability, and sustainable growth within Ghana’s cocoa sector. May your work bring renewed hope to our farmers, our youth, and the future of this great industry,” he concluded.

COCOBOD Chief Executive Dr. Randy Abbey also lauded the formation of the committees, reaffirming management’s commitment to support their work. He said the initiative forms a crucial part of COCOBOD’s broader transformation agenda aimed at building a resilient, inclusive, and globally competitive cocoa economy.

The inauguration of the three committees — Finance, Cocoa Tertiary Education Trust and Scholarship, and COSMARC marks another milestone in COCOBOD’s ongoing institutional reforms to ensure that Ghana’s cocoa industry remains farmer-centered, globally competitive and sustainably managed.

The respective chairpersons expressed gratitude to the Government and COCOBOD management for the confidence reposed in them, pledging to discharge their duties with professionalism, diligence, and excellence.

 

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