Recover GH¢8.241 billion from COCOBOD – A-G orders BoG

The Auditor-General, through its 2023 report, has called on the Bank of Ghana to take action to recover GH¢8.241 billion owed by the Ghana Cocoa Board (COCOBOD).

According to the report, COCOBOD has repeatedly defaulted on loan repayments to the central bank.

As of 31 December 2022, the outstanding principal stood at GH¢8.241 billion.

The report recommended that the central bank implement policies to mitigate its exposure to quasi-government institutions and ensure clear repayment plans are established for future loans.

Additionally, it advised the Bank of Ghana to formalise its "Gold Purchase Programme" with the Precious Mineral Marketing Company (PMMC).

The Auditor-General noted the absence of a formal agreement for these transactions, which left critical terms, including fees or commissions paid to PMMC, unverified.

The report emphasised that transactional relationships like these must be governed by formal agreements to ensure transparency and accountability.