Claim: COCOBOD has made no profit since 2016

Source: Seth Ofori Twumasi

Verdict: TRUE

Researched by Julius Kofi Satsi

A Finance and Economic Analyst, Seth Ofori Twumasi, on Adekye Nsroma, a daily morning programme on UTV, has claimed that the Ghana Cocoa Board (COCOBOD) has consistently made no profits since 2016.

According to the analyst, most State-Owned Enterprises (SOEs) make losses, which is justification enough for the dismissal of the Chief Executive Officers of these institutions.

“Today, most of the State-Owned Enterprises make losses. If these organizations were mine, the CEOs would either be sacked or placed on a performance contract. For example, since 2016, COCOBOD which does not do any work, but only helps to secure loans for purchasing cocoa. How does one undertake a buy-and-sell business, and run at a loss? But since 2016, we (COCOBOD) have not made any profit. Everyday loss…,” he stated. (Verify from video, minutes 30:46)

This fact-check will seek to verify:

  1. Whether COCOBOD has made no profits since 2016


What is COCOBOD? 

COCOBOD, also known as the Ghana Cocoa Board, was established in 1947 to facilitate the production, processing, and marketing of good-quality cocoa, coffee, and shea nuts in Ghana.

Cocoa is Ghana’s main cash crop and the country is the second-largest producer in the world (after Côte d’Ivoire) with a market share of about 20 percent.



To verify this claim, GhanaFact relied on the State Ownership reports that shed light on the performance of SOEs, as prepared by the State Interest and Governance Authority and the financial statements of the organization.

The most current publicly available financial report of COCOBOD is the 51st annual report and financial statements of the organization, which states that COCOBOD recorded a loss of more than 426.31 million cedis in the 2019/2020 crop year.

In the previous year (2018/19 crop year), COCOBOD recorded a loss of 320.56 million cedis: There are discrepancies with regard to the deficit recorded in 2019 per COCOBOD’s 51st annual report and the State Ownership report.

Again, the Ghana Cocoa Board, recorded a loss of GHS 78.47 million in 2018, according to the 2019 State Ownership Report.

“During the 2016/2017 financial year, COCOBOD made a loss of 394.85 million cedis compared a loss of 199.41 million cedis recorded in 2015/2016,” the Ghana Cocoa Board (COCOBOD) 48th Annual and Financial statements revealed.

Losses posted by COCOBOD
Year 2016 2017 2018 2019 2020
Losses (GHS) 199.41 m 394.85 m 78.47 m 274.52 m 426.31 m

Source: COCOBOD Annual Reports and Financial Statements

GhanaFact has contacted COCOBOD to provide clarity on the inconsistent deficit figures reported and will update this fact-check once we receive a response.



The claim that COCOBOD has not recorded any profit since 2016 is TRUE.