The Secretary-General of the Ghana Federation of Labour (GFL), Abraham Koomson, has called for a comprehensive audit of the Ghana Cocoa Board (COCOBOD), citing concerns over years of financial challenges that he believes have weakened the country’s cocoa sector.
Speaking on Ahotor FM in Accra, Mr. Koomson said COCOBOD’s growing debt burden and reliance on borrowing require urgent review to restore the financial stability of the institution.
He argued that a thorough assessment of COCOBOD’s financial position would help identify existing liabilities and prevent cocoa farmers from bearing the cost of past financial decisions.
According to him, the current government inherited a difficult financial situation within the cocoa sector and must undertake the necessary reforms to rebuild confidence in the institution and protect the interests of farmers.
Mr. Koomson also called for the revival and modernization of Ghana’s Cocoa Processing Company (CPC), stressing the need for the country to increase local value addition and reduce its dependence on exporting raw cocoa beans.
He referenced the vision of Ghana’s first President, Dr. Kwame Nkrumah, who established cocoa processing facilities as part of efforts to ensure the country gained greater control over its cocoa resources and reduced reliance on foreign buyers.
The GFL General Secretary argued that expanding domestic processing capacity would allow Ghana to convert more cocoa beans into finished products, including chocolate, while creating jobs and increasing export revenue.
“We can process our own cocoa beans into finished products, add value, create more jobs, and earn more revenue instead of exporting raw cocoa,” he said.
He further noted that stronger local processing would help Ghana preserve cocoa during periods of unfavourable global prices, improve the country’s bargaining position on the international market and reduce exposure to external price fluctuations.
Mr. Koomson expressed optimism that with improved financial management, investment in cocoa processing and farmer-centred policies, Ghana’s cocoa industry could regain its strength and contribute more significantly to national economic growth.
