The Chairman of the Board of Directors of Ghana Cocoa Board (COCOBOD), Dr. Samuel Ofosu-Ampofo, has inaugurated three strategic sub-committees as part of ongoing efforts to enhance transparency, accountability, and sustainability within Ghana’s cocoa industry.
The Committees include the Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC).
The event, held at the COCOBOD Headquarters in Accra, on Tuesday, October 21, was attended by some members of the Board, management, and staff.
Delivering his address, Dr. 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,” Dr. Ofosu-Ampofo said.
“We are to diligently pursue this vision – one that seeks to restore discipline, efficiency, and sustainability in every aspect of our operations.”
The Chairman 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 GHS 32 billion.
“This situation underscores the urgent need for prudent financial management,” he said. “Your committee’s role is therefore pivotal in restoring public confidence, strengthening fiscal discipline, and guiding the Board toward financial stability and growth.”
Dr. Ofosu-Ampofo charged the Finance Committee chaired by Thomas Ampem Nyark, Deputy Minister of Finance to ensure transparent, efficient, and responsible use of resources, particularly in implementing major productivity enhancement programmes.
Touching on the Cocoa Tertiary Education Trust and Scholarship Committee chaired by Dr. Johnson Asiama, Governor Bank of Ghana, Dr. Ofosu-Ampofo said its establishment marks 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 urged 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 advised.
Dr. Ofosu-Ampofo also highlighted the importance of the newly inaugurated Cocoa Sector Marketing Committee (COSMARC), chaired by Sampson Ahi, MP for Bodi.
The committee, he explained, will 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.
“Irregularities in cocoa purchasing, smuggling, and unfair market practices have long undermined the integrity of the sector,” he said. “COSMARC’s work will be vital in addressing these issues and upholding Ghana’s reputation as a global leader in quality cocoa.”
The Chairman commended members of the three committees for their wealth of experience and urged them to uphold the values of transparency, integrity, and accountability.
“Together, let us work to promote education, accountability, and sustainable growth within Ghana’s cocoa sector. May your work bring renewed hope to our farmers, our youth, and the future of this great industry,” he concluded.
The Chief Executive of COCOBOD, Dr. Randy Abbey, lauded the formation of the committees and reaffirmed management’s commitment to supporting their work.
He noted that the initiative is a key part of COCOBOD’s broader transformation agenda aimed at building a more resilient and inclusive cocoa economy.
The inauguration of the three committees – Finance, Cocoa Tertiary Education Trust and Scholarship, and COSMARC – marks another milestone in COCOBOD’s strategic drive to ensure that Ghana’s cocoa industry remains globally competitive, farmer-centered, and sustainably managed.
The chairpersons of the three committees expressed their appreciation to the Government and the management of COCOBOD for the confidence reposed in them to serve in such important capacities within the cocoa sector.
They pledged their unflinching commitment to work diligently and collaboratively to fulfill their mandates with utmost professionalism and excellence.
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