The Ghana Cocoa Board (COCOBOD) is currently facing financial challenges, with a debt of GH¢32 billion. The Minister for Finance, Dr Cassiel Ato Forson, has confirmed that his ministry now has a supervisory role over COCOBOD. However, he clarified that the financial obligations of the board still lie with its Chief Executive Officer, Randy Abbey.
In a recent interview on Channel One TV, Dr Forson emphasized that while he provides oversight for COCOBOD’s operations, the responsibility of repaying its debts does not fall on the Finance Ministry. He stated, “I am their supervisor, but that doesn’t mean I should pay their debt. Randy Abbey must find the money and pay, and that is what, unfortunately, the former administration left for him.”
Established in 1947, COCOBOD plays a vital role in Ghana’s cocoa sector, overseeing production, processing, and marketing. The board is also responsible for setting producer prices to ensure fair incomes for cocoa farmers and maintaining the country’s reputation for high-quality cocoa.
Despite the financial challenges faced by COCOBOD, Dr Forson also addressed rumors of a freeze on public sector employment imposed by the government. He refuted these claims, reaffirming the government’s commitment to job creation and economic recovery.
As COCOBOD grapples with its debt burden, there are growing concerns about the sustainability of the cocoa industry and the government’s role in addressing these challenges. It is essential for COCOBOD to find solutions to its financial woes to ensure the continued success of Ghana’s cocoa sector.
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