COCOBOD lost almost Ghc1billion in 3 years

State-owned Enterprise Ghana Cocoa Board (COCOBOD) has posted more than Ghc820,000,000 in losses between the financial years 2018, 2019, and 2020 according to official data from the State Interest and Governance Authority. 

In 2020 alone, the company recorded a loss of Ghc426million out of State-Owned Enterprises (SOEs) which collectively reported a Ghc5.3 billion loss in their operations in the fiscal year.

From the Statement of Profit or Loss Account of COCOBOD captured on pages 64 and 65 of the Edward Boateng-led SIGA Report, the statement showed a net loss for COCOBOD of Ghc426.31million in 2020. In 2019 it showed another net loss of Ghc320.57million and in 2018 it showed Ghc78.47 million making a total of more than Gh824,000,000 in losses within the three fiscal years. 

SIGA’s alleged cover-up

While the statement of comprehensive income published by SIGA showed losses in the 3 years sighted above, in interpreting the data, SIGA misrepresented some losses as profit for COCOBOD. 

SIGA claimed COCOBOD made a net profit of GHc1.478Billion when the attached Income and Financial Position data said something else.

Also, whereas SIGA claimed COCOBOD made a net loss GHc42.14 million in the 2020 financial year, the same year’s Profit or Loss Account or Statement of Income showed COCOBOD rather made a loss of Ghc426.31million. 

Other State companies such as the Bulk Oil Storage and Transportation Company BOST also made serial losses.

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