Some stakeholders in the financial sector have expressed worry about the attacks on the decision by the Ministry of Finance to have a desk at Ghana Cocoa Board (COCOBOD) to monitor the operations of the state-owned organization.
According to them, Finance Ministers over the years have been part of the board of COCOBOD and therefore there is nothing wrong with that.
One of them who spoke on condition of anonymity said “Looking at the COCOBOD structure, the Finance Ministry or the Minister’s representative is a member of the board, so the minister or his representative is always present on the board”.
The Ministry of Finance said it is initiating moves to further establish a monitoring desk to observe the finances of the COCOBOD to ensure discipline in its expenditure.
Some prominent activities like the purchase of fertilizers and the construction of cocoa roads will also be strictly monitored to ensure they are within budget limits.
Another financial analyst welcomed the directive, saying, the presence of the Finance Minister will help check financial malfeasance at COCOBOD.
Meanwhile, the Deputy Chief Executive of Ghana Cocoa Board (COCOBOD) in charge of operations, Dr. Emmanuel A. Opoku has indicated that Cocobod is working within the requirements of the law.
“We work under a board chaired by somebody appointed by the government and the Minister of Finance is a member of the board. We have the Minister of Agriculture also on the board. In this case, it is the deputy minister who represents the minister, so I don’t think COCOBOD has done anything wrong.
“We [COCOBOD] cannot spend anything without the board’s consent, and then our supervisory minister’s approval. So it beats imagination, to believe that somebody raises an accusation that we have been reckless,” he explained.
He also mentioned that COCOBOD had made a few appearances before Parliament, adding “I don’t think they have found anything against COCOBOD” while insisting that “We have auditors that audit our accounts and they understand how COCOBOD works.”
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