Government has ordered a full forensic audit and criminal investigation into the operations of the Ghana Cocoa Board (Cocobod) over the past eight years following revelations of massive financial losses, mounting debt, and governance failures in the sector.
The directive was announced by Finance Minister, Dr. Cassiel Ato Forson, at the Government Accountability Series on Thursday, February 12, 2026.
According to Dr. AtoForson, Cabinet has instructed the Office of the Attorney-General to conduct “concurrent forensic audit and criminal investigation” into Cocobod’s activities in response to what he described as gross mismanagement.
He disclosed that Cocobod suffered losses of over US$1 billion after committing to supply 786,672 tonnes of cocoa in the 2023/2024 season but producing only 432,145 tonnes, creating a shortfall of more than 45 per cent.
“This resulted in a huge rollover contract of about 333,767 tonnes… and a loss of over US$1 billion,” the Minister stated.
Dr. Ato Forson said such a deviation was unprecedented in the history of Ghana’s cocoa industry, noting that normal production variations usually range between 5 and 15 per cent.
He further revealed that Cocobod’s financial troubles worsened after it defaulted on restructured cocoa bills in 2023 and failed to repay a US$70 million bridge loan in 2024.
The Minister explained that the collapse of the traditional syndicated loan system in 2023 exposed deep weaknesses in Cocobod’s financing arrangements, leading to delayed loan disbursements and liquidity shortages.
He noted that the first tranche of the 2023 syndicated loan was received only in December, four months after the start of the cocoa season, severely disrupting operations.
In addition to production failures, Dr. Ato Forson highlighted excessive infrastructure spending as a major contributor to Cocobod’s debt burden.
Between 2014 and 2024, Cocobod awarded road contracts worth about GH¢26.5 billion, with GH¢21.5 billion awarded between 2018 and 2021 alone.
Despite an agreement under the IMF programme in 2023 to reduce road commitments to GH¢6.9 billion, he said the previous management failed to implement the rationalisation.
Following a review, government has reduced the exposure to GH¢4.35 billion, which will now be transferred to the Ministry of Roads and Highways and the Ministry of Finance.
Dr. Ato Forson stressed that future legislation will prohibit Cocobod from engaging in “quasi-fiscal and non-core expenditures,” warning that sanctions will apply to officials who violate the new rules.
He added that the upcoming Cocobod Bill will strengthen oversight, improve governance structures, and impose strict financial discipline on the institution.
As part of immediate cost-cutting measures, Cabinet has directed the Ministry of Finance to streamline Cocobod’s operations and eliminate wasteful spending.
The Finance Minister said restoring credibility and public trust in Cocobod is central to the government’s reform agenda.
He assured cocoa farmers and stakeholders that the investigations are not a witch-hunt but a necessary step to recover losses and prevent future mismanagement.
Government believes the audit and criminal probe, combined with structural reforms, will reposition Cocobod as a financially sound and accountable institution capable of protecting farmers’ interests and sustaining Ghana’s cocoa industry.
