Dr Peter Boamah Otokunor, the Director of Presidential Initiatives in Agriculture and Agribusiness, has alleged that the former Akufo-Addo government diverted cocoa scholarship to pay contractors.
According to Dr Otokunor, funds originally earmarked for the education of cocoa farmers’ children were diverted to road construction in non-cocoa-producing areas.
He further alleged that the Akufo-Addo Bawumia administration deserted the traditional practice of awarding scholarships to the wards of cocoa farmers, redirecting financial resources to settle debts owed to contractors outside of Ghana’s cocoa-growing belts.
Speaking to cocoa farmers at Jejeti, Atiwa East District, Eastern Region, Dr Otokunor stated, “We used to give cocoa farmers scholarships, but when the previous government came to power, they stopped and used the money to pay contractors to construct roads in areas where we do not grow cocoa.”
Also, Dr Peter Boamah Otokunor claimed 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.
He added, “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”.
Meanwhile, 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”.
Also, Isaac Adongo has said the former managers of COCOBOD under the previous Akufo-Addo administration must be lined up for cocoa farmers to whip them.
According to Isaac Adongo, the Ex-COCOBOD managers deserve severe punishment for their mismanagement of Ghana’s cocoa sector.
He accused the Akufo-Addo administration of failing to properly manage the critical logistics of COCOBOD.
Isaac Adongo added, “When COCOBOD had 286,000 bales of jute sacks at the ports. They cleared only 91,000 and left the rest at the ports. Just a few days before they were leaving office, they contracted someone and paid GHC48 million to bring in 80,000 bales of jute sacks. These are reckless people.
“If it were possible in the days that we were whipping people, these are the people we have to line up and tell cocoa farmers that it is the conduct of these people that denied the government of Ghana the resources to properly take care of you at this point in time.
“So that we will give everybody a cane, and cocoa farmers will whip them. Then we will know who is at fault. But these are the type of people who can sing and dance better than everybody. They think that if you tell the lie many times, it becomes the truth,” he said.
Watch the video below:
“We used to give cocoa farmers scholarships, but when the previous government came to power, they stopped and used the money to pay contractors to construct roads in areas where we do not grow cocoa.”
— JoyNews (@JoyNewsOnTV) February 28, 2026
Dr. Peter Boamah Otokunor, Director of Presidential Initiatives in Agriculture… pic.twitter.com/Z5zwHxWuU9