3 sub-committees inaugurated to enhance accountability, transparency in cocoa industry
The Chairman of the Board of Directors of Ghana Cocoa Board (COCOBOD), Dr Samuel Ofosu-Ampofo, has inaugurated three strategic sub-committees as part of efforts to enhance transparency, accountability, and sustainability within Ghana’s cocoa industry.
The committees are the Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC).
Delivering his address, Dr Ofosu-Ampofo said the inauguration marked a significant step in the Board’s renewed commitment to reposition Ghana’s cocoa sector in line with the government’s Reset Agenda.
“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,” Dr Ofosu-Ampofo said.
The Chairman stated that the Finance Committee would be central to the Board’s efforts to strengthen fiscal discipline, given the 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, strengthening fiscal discipline, and guiding the Board toward financial stability and growth.”
Dr Ofosu-Ampofo charged the Finance Committee chaired by Thomas Ampem Nyarko (MP), Deputy Minister of Finance, to ensure transparent, efficient, and responsible use of resources, particularly in implementing major productivity enhancement programmes.
Touching on the Cocoa Tertiary Education Trust and Scholarship Committee chaired by Dr Johnson Asiama, Governor, Bank of Ghana, he said its establishment marks a new era in COCOBOD’s educational interventions.
The Committee will oversee the newly created Cocoa Tertiary Education Trust Fund, which aims to support tertiary education, vocational training, and capacity-building for the children of cocoa farmers and workers.
He urged the Committee members to go beyond the boardroom and engage directly with cocoa-growing communities, saying, “Visit our farmers, listen to their stories, and let their experiences shape the policies and programmes you develop.”
Dr Ofosu-Ampofo also highlighted the importance of the newly inaugurated Cocoa Sector Marketing Committee (COSMARC), chaired by Sampson Ahi (MP for Bodi), explaining that it would play a crucial role in promoting transparency and fairness in cocoa marketing by reviewing the performance of Licensed Buying Companies (LBCs), assessing market trends, and recommending policies that ensure sustainability across the cocoa value chain.
The Chairman commended members of the three committees for their wealth of experience and urged them to uphold the values of transparency, integrity, and accountability.
The Chief Executive of COCOBOD, Dr Randy Abbey, lauded the formation of the committees and reaffirmed management’s commitment to supporting their work. He noted that the initiative was a key part of COCOBOD’s broader transformation agenda to build a more resilient and inclusive cocoa economy.
The chairpersons of the three committees expressed their appreciation to the Government and the management of COCOBOD for the confidence reposed in them to serve in such important capacities within the cocoa sector.
They pledged their unflinching commitment to work diligently and collaboratively to fulfill their mandates with utmost professionalism and excellence.
BY TIMES REPORTER
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