• Mon. Aug 8th, 2022

COCOBOD records almost Ghc1billion Losses in 3 years

ByEditor

Apr 9, 2022 ,

According to official data from the State Interest and Governance Authority, the state-owned Ghana Cocoa Board (COCOBOD) lost more than Ghc820,000,000 between the financial years 2018 and 2020.

Out of the State-Owned Enterprises (SOEs) that collectively reported a Ghc5.3 billion loss in their operations in the fiscal year, the corporation alone lost Ghc426 million in 2020.

COCOBOD had a net loss of Ghc426.31 million in 2020, according to the Statement of Profit or Loss Account documented on pages 64 and 65 of the Edward Boateng-led SIGA Report.

It reported a net loss of Ghc320.57 million in 2019, and Ghc78.47 million in 2018, for a total of Ghc824,000,000 in losses across the three fiscal years.

SIGA’s alleged cover-up

SIGA’s statement of comprehensive income for the three years cited above revealed losses, but in interpreting the data, SIGA disguised some losses as profits for COCOBOD.

The linked Income and Financial Position data contradicted SIGA’s claim that COCOBOD made a net profit of GHc1.478 billion.

Furthermore, whereas SIGA said COCOBOD made a net loss of GHc42.14 million in the 2020 financial year, COCOBOD’s Profit or Loss Account or Statement of Income for the same year reported a loss of Ghc426.31 million.

Other state-owned enterprises, such as the Bulk Oil Storage and Transportation Company BOST, have also suffered losses in the past.

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