The Chief Executive Officer of Ghana Cocoa Board (COCOBOD), Dr. Ransford Annetey Abbey, has announced plans to undertake a comprehensive payroll audit as part of efforts to tackle inefficiencies and waste within the organization’s operations.
Speaking on TV3’s Hot Issues on Sunday, May 25, 2025, Dr. Abbey revealed that COCOBOD’s staff strength exceeds 10,000, with a staggering monthly staff cost of approximately $12 million USD.
“COCOBOD has over 10,000 people on its payroll, and our staff costs is $12 million USD each month.”
“We are going to do a staff audit to ascertain whether we are all human beings,” he remarked candidly, highlighting suspicions around payroll irregularities and ghost names.
When asked about the sustainability of COCOBOD’s financial model, Dr. Abbey noted that fiscal discipline and responsible management would be key to turning the organization around.
“Once there is discipline and we cut down waste, we should be fine. It’s gross mismanagement that puts COCOBOD in a terrible financial situation,” he said.
Dr. Abbey further attributed COCOBOD’s financial woes to procurement mismanagement and the failure of previous leadership to implement the institution’s financial turnaround strategy.
He added that the appreciation of the Ghana cedi would help reduce external debt burdens.
Credit: 3NEWS
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