The Chairman of the Board of Directors of Ghana Cocoa Board (COCOBOD), Dr. Samuel Ofosu-Ampofo, has officially inaugurated three strategic sub-committees as part of ongoing initiatives aimed at improving transparency, accountability, and sustainability within Ghana’s cocoa industry.
The Committees consist of the Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC).
The inauguration event took place at the COCOBOD Headquarters in Accra on Tuesday, October 21, and was attended by several members of the Board, management, and staff.
In his address, Dr. Ofosu-Ampofo highlighted that this inauguration represents a significant advancement in the Board’s renewed commitment to reposition Ghana’s cocoa sector in accordance with the Government’s Reset Agenda under the leadership of President John Dramani Mahama.
“Upon taking office, the President established this new Board with a clear mandate to forge a new path for the revival and transformation of Ghana’s cocoa sector,” Dr. Ofosu-Ampofo remarked.
“We are tasked with diligently pursuing this vision – one that aims to restore discipline, efficiency, and sustainability in all facets of our operations.”
The Chairman noted that the Finance Committee would play a crucial role in the Board’s efforts to enhance fiscal discipline, particularly in light of the current financial difficulties, which include a debt stock estimated at GHS 32 billion.
“This situation highlights the pressing need for prudent financial management,” he stated. “Thus, your committee’s role is essential in restoring public confidence, reinforcing fiscal discipline, and steering the Board towards financial stability and growth.”
Dr. Ofosu-Ampofo urged the Finance Committee, chaired by Thomas Ampem Nyark, Deputy Minister of Finance, to ensure the transparent, efficient, and responsible utilization of resources, especially in the execution of major productivity enhancement programs.
Discussing the Cocoa Tertiary Education Trust and Scholarship Committee, which is chaired by Dr. Johnson Asiama, the Governor of the Bank of Ghana, Dr. Ofosu-Ampofo remarked that its formation signifies a new chapter in COCOBOD’s educational initiatives.
The committee is tasked with overseeing the newly established Cocoa Tertiary Education Trust Fund, designed to support tertiary education, vocational training, and capacity-building for the offspring of cocoa farmers and workers.
“Education has consistently been a fundamental element of Ghana’s national progress. With this Trust Fund, we will persist in empowering the upcoming generation of cocoa farmers, ensuring that our youth possess the necessary skills and knowledge to sustain and innovate within the industry,” the Chairman emphasized.
He encouraged committee members to extend their efforts beyond the confines of the boardroom and to engage directly with the communities involved in cocoa cultivation.
“Engage with our farmers, hear their narratives, and allow their experiences to inform the policies and programs you create,” he advised.
Dr. Ofosu-Ampofo also underscored the significance of the newly established Cocoa Sector Marketing Committee (COSMARC), which is chaired by Sampson Ahi, the MP for Bodi.
He explained that this committee will be instrumental in fostering transparency and fairness in cocoa marketing by evaluating the performance of Licensed Buying Companies (LBCs), analyzing market trends, and proposing policies that promote sustainability throughout the cocoa value chain.
“Irregularities in cocoa purchasing, smuggling, and inequitable market practices have historically compromised the integrity of the sector,” he stated. “COSMARC’s efforts will be crucial in tackling these challenges and maintaining Ghana’s status as a global leader in high-quality cocoa.”
The Chairman praised the members of the three committees for their extensive experience and urged them to uphold the principles of transparency, integrity, and accountability.
“Together, let us collaborate to advance education, accountability, and sustainable development within Ghana’s cocoa industry. I hope your efforts will instill renewed optimism in our farmers, our youth, and the future of this esteemed sector,” he concluded.
The Chief Executive of COCOBOD, Dr. Randy Abbey, praised the establishment of the committees and reiterated management’s dedication to supporting their initiatives.
He emphasized that this initiative is a crucial component of COCOBOD’s extensive transformation agenda, which aims to create a more resilient and inclusive cocoa economy.
The inauguration of the three committees – Finance, Cocoa Tertiary Education Trust and Scholarship, and COSMARC – signifies another significant achievement in COCOBOD’s strategic efforts to ensure that Ghana’s cocoa industry remains globally competitive, farmer-focused, and sustainably managed.
The chairpersons of the three committees expressed their gratitude to the Government and the management of COCOBOD for the trust placed in them to serve in such vital roles within the cocoa sector.
They committed to working diligently and collaboratively to accomplish their responsibilities with the highest level of professionalism and excellence.
