Group demands dismissal of COCOBOD CEO, four others

An advocacy group, United Voices for Change, has escalated its calls for sweeping reforms among some of Ghana’s key state-owned enterprises (SOEs), demanding the immediate dismissal of the CEO of the Ghana Cocoa Board (COCOBOD), Electricity Company of Ghana (ECG), Ghana National Petroleum Corporation (GNPC), Ghana Water Company Limited, and Ghana Airport Company.

The group’s demands stem from what they describe as persistent mismanagement and alarming financial declines that they argue compromise national economic stability and development.

Professor Abdul Aziz Iddrisu, a distinguished academic and the convener of United Voices for Change, detailed the group’s concerns in an extensive interview with Citi News.

As the Head of the Department for Banking and Finance at Kumasi Technical University, Professor Iddrisu brings a seasoned perspective to the discussion of fiscal responsibility and corporate governance.

He expressed grave concerns over the financial trajectories of these SOEs, which, contrary to their mandates to be profit-generating, continue to report significant losses.

“The role of state-owned enterprises is crucial in fostering economic stability and growth through profitability and efficient resource management,” Professor Iddrisu explained.

“Unfortunately, the current leadership of these entities has consistently demonstrated a concerning alignment with political interests rather than focusing on the robust management of the enterprises. This misalignment has led to poor financial performance and strategic decisions that do not prioritize the enterprises’ long-term health.”

United Voices for Change alleges that these CEOs have been complicit in a broader scheme orchestrated by political figures, aiming to devalue these SOEs deliberately for later personal acquisition at reduced prices.

This accusation points to a disturbing trend of privatization of public assets through backdoor dealings, further complicating the already fraught perception of corruption within Ghana’s public sector management.

“The implications of such mismanagement are dire,” continued Professor Iddrisu. “Not only do these enterprises drain crucial fiscal resources, but their inability to function as profitable entities also stifles potential economic advancements and burdens the nation with increased indebtedness.

This scenario has painted a bleak picture of what could have been viable, self-sustaining operations contributing positively to the nation’s economy.”

The advocacy group’s statement detailed their demands, which include not only the dismissal of the implicated CEOs but also a thorough legal examination of their tenure by Ghana’s Attorney General.

They urge President Nana Addo Dankwa Akuffo-Addo to address these issues decisively, reflecting a broader call for accountability and transparency within government and its affiliated institutions.

“The failure of these CEOs to ensure profitability and prudent management of resources must be addressed immediately,” said Professor Iddrisu. “Our demand extends beyond mere dismissals; we insist on accountability where mismanagement is evident, and we expect the government to enforce the law rigorously to prevent future occurrences.”

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United Voices for Change has compiled a dossier of evidence, which includes financial reports, audits, and internal communications, to support their claims.

These documents purportedly detail instances of financial missteps and questionable decisions that underscore the group’s allegations of systematic mismanagement.

The group’s proactive stance has garnered support from various sectors within Ghana, including other civil society organizations, trade unions, and the business community, who are increasingly vocal about the need for reform in the management of state assets.

Public reactions have been mixed, with some supporting the call for drastic changes, while others caution against potential disruptions that such top-level changes might cause.

As the debate intensifies, the government’s response to these serious allegations will be closely watched, not only by those directly affected but also by international observers and Ghana’s economic partners.

The outcome will likely have far-reaching implications for the governance of public enterprises in Ghana and potentially set a precedent for how similar issues are handled in other nations facing comparable challenges.

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