COCOBOD loses Ghs 96.9 million to 24 LBCs – Auditor-General
The Ghana Cocoa Board (COCOBOD) is reported to have lost some Ghs 96.9 million to 24 Licence Buying Companies (LBCs).
The stated amount per the Auditor-General’s findings was due to the LBCs inability to repay seed funds granted to them by COCOBOD to purchase cocoa beans from farmers.
“Section 4 of the Ghana Cocoa Board (Amendment) Law, 1991 (PNDCL 265) states that, any person or purchasing organisation authorised to purchase cocoa by the Board that has received any money from the Board to purchase cocoa for the Board and has not purchased the cocoa or has purchased part only of the cocoa, shall
repay such money or the balance thereof as the case may be to the Board,” the Auditor-General noted.
According to the Auditor-General, failure on the part of management of COCOBOD to also recover the monies from the banks that guaranteed these Licences Buying Companies resulted in the loss.
“We urged Management to recover the amount from the banks that guaranteed for these Companies, failing which the approving and authorising officers should be made to refund the amount,” stated the report.
Find below the list of the 24 LBCs indebted to COCOBOD: