Kwesi Pratt has characterised the condition of the Ghana Cocoa Board as alarming, stating that the revelations regarding its financial status have left him “very, very depressed” and significantly worried about the overall economy.
In response to a recent media briefing conducted by Randy Abbey, Pratt remarked that the disclosures validated the magnitude of the issues facing the institution.
“The mess is huge. It’s so so huge,” he asserted, referencing data indicating that COCOBOD’s liabilities now surpass its total assets. “It’s a bankrupt company,” he added during a panel discussion.
He noted that the briefing confirmed his previous concerns expressed after the appointment of the board’s chief executive.
“Yesterday I felt right vindicated,” Pratt recalled, mentioning that he had previously questioned the weight of the responsibilities associated with the role.
“Somebody must work for Ghana, but the burden is heavy.”
Pratt pointed out a significant drop in cocoa production, labeling it as alarming.
“Over the last three years or so, we’ve lost 50 percent of production. That’s massive,” he stated, attributing the decline to the impacts of galamsey and the swollen shoot disease.
He also expressed worries regarding irresponsible procurement practices, highlighting the importation and subsequent abandonment of cocoa sacks at the ports.
“That’s clearly a case of causing financial loss,” he remarked, describing the situation as “really, really terrible.”
