The Government of Ghana has directed a comprehensive forensic audit and criminal investigation into the operations of the Ghana Cocoa Board (COCOBOD) covering the past eight years, as part of sweeping reforms aimed at restoring financial stability and accountability in the cocoa sector.
Finance Minister Dr. Cassiel Ato Forson announced the directive during a detailed briefing on the challenges confronting the cocoa industry, revealing that the Office of the Attorney-General has been tasked to undertake concurrent forensic and criminal probes into COCOBOD’s activities. The move, he said, is intended to strengthen governance, improve transparency and address what the government described as years of financial mismanagement and operational inefficiencies.
According to the Minister, the audit forms part of a broader restructuring agenda approved by the Cabinet Economic Management Team to reset the cocoa sector following severe liquidity constraints, mounting debts and declining global cocoa prices that have undermined COCOBOD’s financial health.
He indicated that the investigations will examine financial decisions, contract management, expenditure patterns and other operational practices that contributed to the current debt burden and weakened balance sheet of the institution. The government believes the process will help identify accountability gaps while laying the foundation for stronger oversight mechanisms going forward.
The audit directive comes alongside significant policy reforms, including a new Cocoa Board Bill expected to limit quasi-fiscal spending and impose sanctions on non-core expenditures. Authorities also plan to introduce a new domestic bond–based financing model to replace the current buyer-financing arrangement, which officials say proved unsustainable after the collapse of the long-standing syndicated loan structure.
Dr. Forson stressed that restoring trust in COCOBOD is critical to safeguarding farmer incomes, stabilising the cocoa market and ensuring the long-term sustainability of Ghana’s most important agricultural export.
The government has framed the forensic audit not only as an accountability measure but also as a cornerstone of broader reforms aimed at rebuilding confidence among investors, international buyers and domestic stakeholders in the cocoa value chain.
