The Auditor-General’s 2023 report has urged the Bank of Ghana to take steps to recover GH¢8.241 billion that the Ghana Cocoa Board (COCOBOD) owes.
The report highlights that COCOBOD has consistently failed to meet its loan repayment obligations to the central bank.
By December 31, 2022, the outstanding principal amount had reached GH¢8.241 billion.
It suggested that the central bank should adopt measures to reduce its risk exposure to quasi-government entities and set up clear repayment schedules for future loans.
The report also recommended that the Bank of Ghana formalize its “Gold Purchase Programme” with the Precious Mineral Marketing Company (PMMC).
The Auditor-General pointed out the lack of a formal agreement for these transactions, which has left key details, such as fees or commissions paid to PMMC, unconfirmed.
It stressed the importance of having formal agreements for such transactions to ensure both transparency and accountability.