Government asked to act over rot and collapse of SOEs - Adomonline.com

CSO, United Voices for Change (UVC), held a press conference in Kumasi under the theme: “State-Owned Enterprises at the Mercy of Looting Brigades: Heads Must Roll!” to address the losses that have beguiled SOEs which have crippled the country’s finances.

“Cocobod, a vital player in Ghana’s agricultural sector, has been recording substantial losses over time… The losses that began in 2016 are ballooning by the years, reaching GHS 2.44 billion in 2021.

A company that had made a profit of GHS 101.14 million in 2016 has been turned into a loss-making machine, registering losses of GHS 692.2 million in 2017, GHS 667.9 million in 2018, and a staggering GHS 2.6 billion in losses in 2019.

In 2020, the company made losses to the tune of GHS 939 million, although its revenues in that year had increased to GHS 1.3 billion from GHS 902 million in the previous year.

The company reported a loss of GH¢1.914 billion in 2021, having made a profit of GHS 181 million in the previous year

The company also made losses of GHS 1.47 billion and GHS 2.27 billion in 2019 and 2018 respectively.  This demonstrates a clear failure of leadership and a lack of accountability within the organization.

The company has consistently made losses since 2019