Cocobod’s decision to invest cocoa export duty in cocoa roads illegal - Minority

The Minority in Parliament has accused the Ghana Cocoa Board (COCOBOD) of acting illegally in breach of revenue laws by deciding to invest export duty on cocoa in cocoa roads.

This came to bare on Wednesday as parliament approved COCOBOD’s $1.3 billion syndicated loan with objections raised by the minority.

Minority Member of Parliament on Parliament’s Finance Committee Benjamin Kpodo says COCOBOD is running away from parliamentary oversight.

But Chairman of parliament’s finance committee Dr. Mark Assibey Yeboah says COCOBOD is only being transparent.

According to him, the Ghana Revenue Authority’s mandate to determine the imposition of export duties and cannot fathom the prerogative with which COCOBOD was acting.

“We do not know where all of a sudden COCOBOD is accounting for export duty which is as applied towards the Bui dam construction and construction of cocoa roads.”

The MP suspects that government intends to “take away revenue that is due the country under total revenue from the national budget so that it escapes the eyes of parliament, so that they can use it the way they want.”

But Chairman of Parliament’s Finance Committee Dr. Mark Assibey Yeboah says COCOBOD is only being transparent.

“COCOBOD is being transparent by saying that the export duties that we would have been waived by the Ministry of Finance as zero in the budget, is going to be used for cocoa roads and the Bui dam commitment,” he said.