The Ghana Cocoa Board (COCOBOD) is set to undertake a comprehensive payroll audit as part of efforts to enhance financial discipline and address inefficiencies within the organization.
The announcement was made by COCOBOD’s Chief Executive Officer, Dr. Ransford Annetey Abbey, during an appearance on TV3’s Hot Issues on Sunday, May 25, 2025. Dr. Abbey revealed that the organization currently has a workforce of over 10,000 employees, with a monthly wage bill of approximately $12 million—a figure he described as unsustainable under current conditions.
“We are going to conduct a staff audit to ascertain whether everyone on the payroll is a real employee,” Dr. Abbey said, raising concerns about the potential presence of "ghost names" and other irregularities in the payroll system.
He also criticized past management for contributing to COCOBOD’s worsening financial situation, citing poor fiscal oversight and a failure to implement necessary reforms. With COCOBOD’s total debt currently standing at GHC33 billion, Dr. Abbey stressed the urgency of restoring financial stability through cost-cutting and accountability.
The payroll audit forms part of a broader institutional reform initiative that includes the inspection of jute sack inventories and a partnership with the National Investigations Bureau (NIB) to locate 200 missing containers of cocoa-related supplies.
Dr. Abbey added that strengthening the Ghanaian cedi would be key to managing the organization’s foreign debt burden and reaffirmed his commitment to rebuilding trust and efficiency in the cocoa sector—a critical pillar of Ghana’s economy.
Source: TheGhanaReport
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