Auditor General wants BoG to recover GH¢8.241 billion debt from COCOBOD.

The Auditor General has released its 2023 report and have urged  the Bank of Ghana to reclaim the GH¢8.241 billion due by the Ghana Cocoa Board (COCOBOD).

The report indicates that COCOBOD has regularly defaulted on loan facilities given by the Bank of Ghana. 

As of December 31, 2022, COCOBOD had an overdue principal amount of GH¢8.241 billion. It encouraged the Central Bank to implement procedures to address its exposure to quasi-governmental institutions and ensure that clear repayment arrangements are in place when loans become due.

Additionally, the Auditor General is calling on the Bank of Ghana to reach a formal agreement with the Precious Mineral Marketing Company (PMMC) over the "Gold Purchase Programme" and sale transactions.

The Central Bank commissioned PMMC to buy and sell gold on its behalf. The Auditor General stated, however, that it was not furnished with a formal agreement between the Central Bank and PMMC about these transactions.

"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 statement said.

Source : Lead News Online