COCOBOD is in the news for all the wrong reasons on the first day of April. The price regulator for cocoa, coffee, and shea nuts in the country is in the news because it decided to procure keyboards at a somewhat outrageous price for its board members.
This was contained in an internal memo dated February 26, 2024, and signed by Enoch Tettey Martey, the Deputy Information Systems Manager for the Information Systems Manager of COCOBOD. According to the memo addressed to the Director of Finance, the board is seeking approval to procure 15 keyboards for its members.
“We write to seek approval for the purchase of fifteen (15) pieces of keyboards for our Board Members, each costing Four Thousand Five Hundred Cedis (GH₵4,500.00).
“This is to enhance productivity and guarantee that they are comfortable using their iPads during meetings,” the memo stated.
This has caught the attention of the public, as many question what type of keyboards cost that much.
While the amount quoted may be reasonable depending on the type of keyboard procured, Ghanaians feel COCOBOD has no moral right to take on such luxury expenses.
Background of COCOBOD’s debt
COCOBOD is not a healthy cash bull as it looks. The Minority in Parliament recently warned that the 2024 budget of COCOBOD anticipates losses of up to GHS2.6 billion. Eric Opoku, the Minority Spokesperson on the Food, Agriculture, and Cocoa Affairs Committee of Parliament, raised concerns after President Akufo-Addo addressed the nation in his last State of the Nation Address.
“Do you know in this country where COCOBOD is in distress? Is choked by debts? COCOBOD has been taking loans from the banks, and they are unable to pay,” Eric Opoku revealed.
Aside from that, COCOBOD’s debt, according to the 2021 Auditor-General report, was GH¢12.3 billion ($1 billion) as of September 2020. Additionally, COCOBOD defaulted on payments for maturities of its 182-day bill in February 2023. It rolled over outstanding securities of GH¢940 million ($79 million) in face value and later restructured debts totaling GH¢7.93billion ($661 million)