The Ghana Cocoa Board (COCOBOD) recorded a staggering GH¢3.2 billion loss in 2022, even as it spent GH¢302 million on solar torchlights for cocoa farmers, documents available to Phalonzy show.
The expenditure on torchlights—part of government efforts to support farmers—has drawn sharp criticism from observers who question the prioritisation of resources at a time the state agency is drowning in debt and struggling with declining productivity.
The disclosure comes amid mounting scrutiny of COCOBOD’s financial performance under the Akufo-Addo administration. Losses at the Board, which stood at GH¢395 million in 2017, ballooned to GH¢2.3 billion before hitting GH¢3.2 billion in 2022. Administrative expenses, according to official records, surged by 589% between 2016 and 2021.
Opposition Members of Parliament have described the trajectory as evidence of “reckless mismanagement,” pointing to COCOBOD’s growing debt burden and the recent approval of an $800 million loan facility. Critics argue the loan, intended to shore up operations, reflects deeper structural failures rather than a solution to the sector’s challenges.
“COCOBOD is in crisis, gasping for breath, and yet public funds are being squandered,” one legislator said, speaking on condition of anonymity. “The current trajectory is unsustainable and threatens the future of Ghana’s cocoa industry.”
Farmers, meanwhile, continue to face systemic neglect, with many living in poverty despite the sector’s critical contribution to national export earnings. Advocates are calling for urgent reforms, greater transparency in COCOBOD’s operations, and a fundamental rethink of expenditure priorities.
The Board is yet to issue an official response to the latest figures.
