The 2023 Auditor General Report has called on the Bank of Ghana to recover GH¢8.241 billion owed by the Ghana Cocoa Board (COCOBOD).
The report highlights that COCOBOD has repeatedly defaulted on loans provided by the Bank of Ghana, resulting in an outstanding principal amount of GH¢8.241 billion as of December 31, 2022.
The Auditor General has recommended that the Central Bank establish policies to mitigate its exposure to quasi-government entities and ensure clear repayment plans are in place for loans.
Furthermore, the report urges the Bank of Ghana to formalize its “Gold Purchase Programme” agreement with the Precious Minerals Marketing Company (PMMC). The Central Bank had engaged PMMC to handle gold purchases and sales on its behalf.
However, the Auditor General found that a formal agreement for these transactions was missing.
“As a result, we could not confirm salient terms of the engagement including fees or commissions paid to PMMC for their services. Transactional relationships of this nature must be formalized with an agreement,” the report emphasized.