COCOBOD inaugurates three key sub-committees to enhance transparency and education

Accra, Oct 21, GNA – The Chairman of the Ghana Cocoa Board (COCOBOD), Dr Samuel Ofosu-Ampofo, has inaugurated three strategic sub-committees to promote transparency, accountability, and sustainability in the cocoa industry.

The committees are the Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC).

The event, held at the COCOBOD Headquarters in Accra, was attended by members of the Board, management, and staff.

Dr Ofosu-Ampofo said the inauguration marked a significant step in COCOBOD’s renewed commitment to reposition the cocoa sector in line with the Government’s Reset Agenda under President John Dramani Mahama.

“Upon assuming office, the President constituted this new Board with a clear mandate to chart a new course for the revival and transformation of Ghana’s cocoa sector,” he said.

He noted that the Finance Committee would play a central role in strengthening fiscal discipline amid current financial challenges, including a debt stock estimated at GH₵32 billion.

“This situation underscores the urgent need for prudent financial management,” he said. “Your committee’s role is therefore pivotal in restoring public confidence and guiding the Board toward financial stability and growth.”

The Finance Committee is chaired by Mr Thomas AmpemNyarko, Deputy Minister of Finance. Dr Ofosu-Ampofocharged the committee to ensure transparency and efficiency in the use of resources, especially in implementing productivity enhancement programmes.

On the Cocoa Tertiary Education Trust and Scholarship Committee, chaired by Dr Johnson Asiama, former Second Deputy Governor of the Bank of Ghana, Dr Ofosu-Ampofosaid its establishment marked a new era in COCOBOD’s educational interventions.

The committee will oversee the newly created Cocoa Tertiary Education Trust Fund, which seeks to support tertiary education, vocational training, and capacity-building for the children of cocoa farmers and workers.

“Education has always been a cornerstone of Ghana’s development. Through this Trust Fund, we will empower the next generation of cocoa farmers with the skills and knowledge to sustain and transform the industry,” he said.

He encouraged committee members to engage with cocoa-growing communities to better understand their needs and experiences.

On the Cocoa Sector Marketing Committee (COSMARC), chaired by Mr Sampson Ahi, Member of Parliament for Bodi, Dr Ofosu-Ampofo said it would promote transparency and fairness in cocoa marketing by reviewing the performance of Licensed Buying Companies, assessing market trends, and recommending sustainability policies.

“Irregularities in cocoa purchasing, smuggling, and unfair market practices have long undermined the sector’s integrity,” he said.

“COSMARC’s work will be crucial in addressing these challenges and upholding Ghana’s reputation as a global leader in quality cocoa.”

He commended the committee members for their experience and urged them to uphold transparency, integrity, and accountability.

“Together, let us promote education, accountability, and sustainable growth within Ghana’s cocoa sector,” he said.

“May your work bring renewed hope to our farmers, our youth, and the future of this great industry.”

The Chief Executive of COCOBOD, Dr Randy Abbey, commended the formation of the committees and reaffirmed management’s commitment to supporting their work. 

He said the initiative formed part of COCOBOD’s broader transformation agenda aimed at building a more resilient and inclusive cocoa economy.

The inauguration of the Finance, Cocoa Tertiary Education Trust and Scholarship, and COSMARC Committees marks another milestone in COCOBOD’s efforts to ensure that Ghana’s cocoa industry remains globally competitive, farmer-centred, and sustainably managed.

The chairpersons of the three committees expressed appreciation to the Government and COCOBOD management for the confidence reposed in them. 

They pledged to work diligently and collaboratively to fulfil their mandates with professionalism and excellence.

GNA 

Edited by Beatrice Asamani Savage