“Cabinet orders forensic audit, criminal investigation into COCOBOD’s activities” — Finance Minister announces

Finance Minister, Dr. Cassiel Ato Forson has announced that Cabinet has directed the Office of the Attorney General to commission a concurrent forensic audit and criminal investigation into the activities of the Ghana Cocoa Board (COCOBOD) covering the last eight years.

Dr. Forson made the disclosure while addressing the nation through the media, outlining a series of far-reaching reforms aimed at restoring financial stability, accountability, and transparency within the cocoa sector.

According to the Finance Minister, the decision forms part of government’s broader effort to address the deep-rooted financial challenges confronting COCOBOD, including rising liabilities, excessive contractual commitments, and non-core expenditures that have placed significant strain on the institution’s finances.

He explained that the forensic audit will involve a comprehensive examination of COCOBOD’s financial records, contractual arrangements, procurement processes, and expenditure patterns over the period under review.

The criminal investigation, to run concurrently, will determine whether any breaches of procurement laws, financial regulations, or other statutory obligations occurred and whether individuals should be held personally accountable.

Dr. Forson emphasized that the directive is not merely administrative but a decisive accountability measure intended to protect public funds and restore confidence in the management of Ghana’s cocoa industry.

“Cabinet has directed the Attorney General to commission concurrent forensic audit and criminal investigation into the activities of Cocoa Board over the last eight years,” he reiterated during the address.

The announcement comes amid revelations of significant financial exposure linked to cocoa road contracts and other commitments undertaken by the Board in recent years.

Government has since moved to rationalize these commitments and transfer certain liabilities to the Ministry of Roads and Highways and the Ministry of Finance as part of a restructuring process.

The Finance Minister noted that strengthening governance at COCOBOD is critical to safeguarding the livelihoods of cocoa farmers and ensuring the long-term sustainability of the sector, especially at a time when declining world market prices have created liquidity pressures.

He stressed that the government remains committed to enforcing fiscal discipline, streamlining operations, and eliminating wasteful expenditures within COCOBOD.

Immediate reforms, he added, will be initiated to cut costs and refocus the Board strictly on its core mandate.

The outcome of the forensic audit and criminal investigation is expected to inform further policy and legal actions as government works to reposition Ghana’s cocoa sector on a sound financial footing.

Story by: Joshua Kwabena Smith