Three strategic sub-committees of the Ghana Cocoa Board (COCOBOD) have been inaugurated to enhance transparency, accountability and sustainability within the cocoa industry.
The sub-committees are the Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC).
Inaugurating the committees, the Chairman of the Board of Directors of COCOBOD, Dr Samuel Ofosu-Ampofo, emphasised that 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 under the leadership of 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.
“We are to diligently pursue this vision - one that seeks to restore discipline, efficiency and sustainability in every aspect of our operations,” Dr Ofosu-Ampofo explained.
Finance committee
He 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.
Your committee’s role is, therefore, pivotal in restoring public confidence, strengthening fiscal discipline and guiding the Board toward financial stability and growth,” the chairman said.
Dr Ofosu-Ampofo charged the Finance Committee, chaired by the Deputy Minister of Finance, Thomas Ampem Nyarko, to ensure transparent, efficient and responsible use of resources, particularly in implementing major productivity enhancement programmes.
Scholarship committee
Touching on the Cocoa Tertiary Education Trust and Scholarship Committee, chaired by the Governor of the Bank of Ghana, Dr Johnson Asiama, Dr Ofosu-Ampofo said its establishment marked 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.
“Education has always been a cornerstone of Ghana’s national development.
Through this trust fund, we will continue to empower the next generation of cocoa farmers, ensuring that our youth are equipped with the skills and knowledge to sustain and transform the industry, the chairman noted,” he said.
He urged the committee members to go beyond the boardroom and engage directly with cocoa-growing communities.
“Visit our farmers, listen to their stories, and let their experiences shape the policies and programmes you develop,” he charged them.
Marketing committee
Dr Ofosu-Ampofo also highlighted the importance of the newly inaugurated COSMARC, chaired by the Deputy Minister of Trade, Agribusiness and Industry, Sampson Ahi.
The committee, he explained, 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.
Transformation agenda
The Chief Executive of COCOBOD, Mr 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 aimed at building a more resilient and inclusive cocoa economy.
The chairpersons of the three committees pledged their unflinching commitment to work diligently and collaboratively to fulfil their mandates with utmost professionalism and excellence.
