The Ghana Cocoa Board (COCOBOD) has inaugurated three key sub-committees to promote transparency, accountability, and educational empowerment within the cocoa industry.
The Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC) were inaugurated by the Board Chairman, Dr. Samuel Ofosu-Ampofo, at a ceremony held at COCOBOD Headquarters in Accra.
Dr. Ofosu-Ampofo described the inauguration as an important step in the Board’s renewed efforts to strengthen efficiency and sustainability across Ghana’s cocoa value chain, in line with President Mahama’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. We are to diligently pursue this vision. One that seeks to restore discipline, efficiency, and sustainability in every aspect of our operations,” he said.
He explained that the Finance Committee, chaired by Deputy Minister of Finance, Thomas Ampem Nyarko, will play a vital role in restoring fiscal discipline and ensuring prudent financial management amid current economic challenges.
“Our debt situation, estimated at GHS 32 billion, underscores the urgent need for sound financial management. Your committee’s role is pivotal in restoring public confidence and guiding the Board toward stability and growth,” he noted.
The newly-created Cocoa Tertiary Education Trust Fund, overseen by a committee chaired by Bank of Ghana Governor Dr. Johnson Asiama, will support tertiary education and vocational training for children of cocoa farmers and workers.
“Education has always been a cornerstone of Ghana’s national development. Through this Trust Fund, we will empower the next generation of cocoa farmers, ensuring they are equipped with the skills and knowledge to sustain and transform the industry,” the Chairman expressed.
He encouraged members to “visit farmers, listen to their stories, and let their experiences shape the policies and programmes you develop.”
The third committee, the Cocoa Sector Marketing Committee (COSMARC), chaired by Member of Parliament for Bodi, Sampson Ahi, will focus on ensuring transparency and fairness in cocoa marketing.
This committee will review the performance of Licensed Buying Companies (LBCs), assess market trends, and recommend policies to maintain integrity and competitiveness in the sector.
“Irregularities in cocoa purchasing, smuggling, and unfair market practices have long undermined the sector. COSMARC’s work will be crucial in addressing these issues and upholding Ghana’s reputation as a global leader in quality cocoa,” he said.
The COCOBOD Chairman commended members of the committees for their commitment, expertise and urged them to work with integrity and dedication.
The Chief Executive of COCOBOD, Dr. Randy Abbey, welcomed the initiative as part of the institution’s transformation agenda to build a more resilient and inclusive cocoa economy. He pledged management’s support for the committees’ work.
Chairpersons of the three committees expressed gratitude to the government and COCOBOD’s management for the confidence reposed in them. They pledged to carry out their mandates with professionalism and commitment.