COCOBOD sets up sub-committees to promote financial discipline
The Chairman of the Board of Directors of Ghana Cocoa Board (COCOBOD), Dr. Samuel Ofosu-Ampofo, has launched three key sub-committees to enhance transparency, accountability, and sustainability within Ghana’s cocoa industry.
These committees include the Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC).
The launch event was held at the COCOBOD Headquarters in Accra on Tuesday, October 21, and was attended by Board members, management, and staff.
Dr. Ofosu-Ampofo stressed that the launch marked a crucial step in the Board’s efforts to revitalize Ghana’s cocoa sector, aligning with the Government’s Reset Agenda under President John Dramani Mahama.
“Upon assuming office, the President established this new Board with a clear mandate to devise a new strategy for the revival and transformation of Ghana’s cocoa sector,” Dr. Ofosu-Ampofo stated.
“We are to assiduously pursue this vision – one that seeks to restore discipline, efficiency, and sustainability in every aspect of our operations.” The Chairman emphasized that the Finance Committee would be central to the Board’s efforts to reinforce fiscal discipline, given the current financial challenges, including a debt stock estimated at GHS 32 billion.
“This situation underscores the urgent need for prudent financial management,” he noted. “Your committee’s role is therefore pivotal in restoring public confidence, strengthening fiscal discipline, and guiding the Board toward financial stability and growth.”
Dr. Ofosu-Ampofo charged the Finance Committee, chaired by Thomas Ampem Nyarko, Deputy Minister of Finance, to ensure transparent, efficient, and responsible use of resources, particularly in implementing major productivity enhancement programmes.
Dr. Ofosu-Ampofo emphasized the importance of the Cocoa Tertiary Education Trust and Scholarship Committee, chaired by Dr. Johnson Asiama, Governor of the Bank of Ghana, highlighting its establishment as a major development in COCOBOD’s educational initiatives.
The committee will oversee the newly created Cocoa Tertiary Education Trust Fund, which aims to provide support for tertiary education, vocational training, and capacity-building for the children of cocoa farmers and workers. “Education is a fundamental aspect of Ghana’s national development.
This Trust Fund will play a crucial role in empowering the next generation of cocoa farmers, ensuring they possess the necessary skills and knowledge to drive the industry’s sustainability and transformation,” the Chairman noted.
He urged committee members to engage directly with cocoa-growing communities.
“Engage with our farmers, listen to their stories, and allow their experiences to shape your policies and programs,” he advised.
Dr. Ofosu-Ampofo also highlighted the importance of the newly inaugurated Cocoa Sector Marketing Committee (COSMARC), chaired by Sampson Ahi, MP for Bodi.
The committee, he explained, will play a crucial role in promoting transparency and fairness in cocoa marketing by reviewing the performance of Licensed Buying Companies (LBCs), assessing market trends, and recommending policies that ensure sustainability across the cocoa value chain.
“Irregularities in cocoa purchasing, smuggling, and unfair market practices have long undermined the integrity of the sector,” he said. “COSMARC’s work will be vital in addressing these issues and upholding Ghana’s reputation as a global leader in quality cocoa.”
The Chairman commended members of the three committees for their wealth of experience and urged 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.
The Chief Executive of COCOBOD, Dr. Randy Abbey, lauded the formation of the committees and reaffirmed management’s commitment to supporting their work.
He noted that the initiative is a key part of COCOBOD’s broader transformation agenda aimed at building a more resilient and inclusive cocoa economy.
The inauguration of the three committees – Finance, Cocoa Tertiary Education Trust and Scholarship, and COSMARC – marks another milestone in COCOBOD’s strategic drive to ensure that Ghana’s cocoa industry remains globally competitive, farmer-centered, and sustainably managed.
The chairpersons of the three committees expressed their appreciation to the Government and the management of COCOBOD for the confidence reposed in them to serve in such important capacities within the cocoa sector.
They pledged their unflinching commitment to work diligently and collaboratively to fulfill their mandates with utmost professionalism and excellence.
