The information gathered suggests that the former Ghana Cocoa Board (COCOBOD) managers will finally be facing criminal investigations and possible prosecution after ignoring a series of audit queries since last year.
Sources within the corridors of power detailed that former COCOBOD managers under the Akufo-Addo government have refused to provide explanations for questions concerning procurement and financial management amounting to the GH¢32.91 billion in liabilities.
Reports by the Herald Ghana suggest the former COCOBOD managers’ failure to address the audit findings led to the current COCOBOD CEO referring some of the alleged infractions to the Economic and Organised Crime Office (EOCO).
The Herald in a news story stated, “Some of the procurement deals were awarded to Dr Joseph Siaw Agyapong, the founder of the Jospong Group and owner of Accra-based Metro TV, who also happens to be the former boss of the current COCOBOD Chief Executive, Dr Abbey.
The Audit Service is understood to have identified serious irregularities following its examination of the Board’s accounts. However, the former administration reportedly refused to respond to the queries, leaving them unresolved.
Among the key issues under review is the procurement of farm inputs and equipment valued at hundreds of millions of dollars during Mr Aidoo’s tenure”.
The report further added, “These included slashers, pruners, jute sacks, insecticides, fertilisers, solar lanterns, and Wellington boots, which were ostensibly distributed free to cocoa farmers.
Sources indicate that some of the items, particularly the slashers and pruners, were rejected by farmers, who reportedly found them unsuitable and opted instead for traditional cutlasses. Meaning no due diligence was done on the items ahead of their purchase”.
In related news, Dr Peter Boamah Otokunor, the Director of Presidential Initiatives in Agriculture and Agribusiness, has said the Ghana Cocoa Board (COCOBOD) has collapsed.
According to Dr Peter Boamah Otokunor, even if all assets of the Ghana Cocoa Board (COCOBOD) were sold, the institution would still be left with GH₵3.9 billion in debt.
Dr Otokunor made this known, explaining the rationale behind the slump in cocoa prices to some cocoa farmers.
Speaking to cocoa farmers at Jejeti in the Atiwa East District, Dr Peter Boamah Otokunor stated, “If we sell COCOBOD offices, cars, properties, including their hospitals, if all are sold to pay COCOBOD debts, it will not be enough. There will still be GH₵3.9 billion debt. So COCOBOD has collapsed”.
Also, the Majority Caucus in Parliament has said Ghana Cocoa Board (COCOBOD) requires over GH¢30bn in working capital for it to survive.
According to the Majority Caucus, COCOBOD faces a significant liquidity gap.
Speaking at a press briefing on February 19, 2026, Chairman of Parliament’s Finance Committee and Member of Parliament for Bolgatanga Central, Isaac Adongo, stated, “COCOBOD requires over GH¢30 billion in working capital for it to survive, not the GH¢60 billion left behind. If you look at the accounts, you realise that there is a big hole in there”.