Joseph Boahen Aidoo, Chief Executive Officer
After running one of Ghana’s blue-chip companies, the Ghana Cocoa Board (COCOBOD), into massive debt since taking office in 2017, Chief Executive Officer Joseph Boahen Aidoo is now desperately calling on private investors to rescue the country’s cocoa processing sector.
In a shocking twist, Aidoo, who has marinated COCOBOD in debt, is pushing for private investments to help Ghana maximize its cocoa production gains. Addressing the Grand Durbar at the inaugural Cocoa Festival in Akuapem-Mampong on Saturday, July 27, 2024, he highlighted the crucial role of these investments.
“It is important for the private sector to invest in cocoa processing. This investment can lead to the creation of more job opportunities for our youth and contribute to an increase in export revenue through processed cocoa. By doing so, Ghana can fully realize the benefits of its cocoa production,” Aidoo said.
He insisted that COCOBOD is committed to supporting and collaborating with private investors to ensure the success of their cocoa processing businesses, despite the financial woes under his leadership.
The Cocoa Festival, focusing on celebrating and advancing the cocoa industry, also showcased the historic, cultural, and economic importance of cocoa to the Akuapem-Mampong area. The festival served as a platform to recognize the crucial contributions of Tetteh Quarshie and Mampong to Ghana’s cocoa sector and envision a more prosperous future for the industry.
With COCOBOD’s financial troubles out in the open, all eyes are now on Aidoo and whether private investors will step in to save Ghana’s beloved cocoa industry.
Under Aidoo’s management, COCOBOD has recorded consistent losses from 2017 to the present day. In 2017, COCOBOD recorded losses of over 395 million cedis, followed by 78.2 million in 2018, and 320.6 million in 2019. The losses then jumped to a whopping 426 million in 2020. Just when it seemed 426 million was bad enough, COCOBOD leaped from millions to billions in subsequent years.
In 2021, they recorded losses of 2.4 billion cedis, 3.2 billion in 2022, and a staggering 4.2 billion in 2023. They are projected to incur 2.6 billion in 2024, bringing the total debt accrued by COCOBOD to a jaw-dropping 13.62 billion cedis.
Despite this financial mess, COCOBOD has nothing to show beyond the comfortable life of its workforce.
About The Author
And who told you that Cocobod worker are living in comfort?
For the last seve’ and a half years now we have had only one salary increament.
Hit me privately