A heated debate is brewing in Ghana over potential conflicts of interest within the Ghana Cocoa Board (COCOBOD). Vincent Ekow Assafuah, Member of Parliament for Old Tafo, is challenging the defense offered by Ato Boateng, the Deputy Chief Executive in charge of Finance and Administration. Assafuah alleges that Boateng’s attempts to distance himself from a company connected to the cocoa industry are insufficient, raising serious questions about ethical conduct and transparency.
The crux of Assafuah’s argument revolves around the timing and nature of share transfers involving Legal Capital Management Limited and Ato Boateng himself. According to Assafuah, these transfers, particularly those executed after his initial revelations, appear to be a calculated effort to deflect scrutiny rather than a genuine separation of interests. This controversy highlights the importance of public officials maintaining impeccable ethical standards.
Assafuah pointed to specific dates and actions at the Registrar-General’s Department, highlighting what he sees as a suspicious timeline. “On February 20, 2026, following my revelation, they went to the Registrar-General’s Department to facilitate a complete transfer of the trustee shares,” Assafuah stated. He expressed disappointment that a public servant would engage in such actions, actions that give the appearance of impropriety.
The MP further elaborated on the details of the share transfers. “It was determined that, through a legally executed transfer instrument, Legal Capital Management Limited and Ato Boateng transferred all their shares, 400 and 1,600 ordinary shares respectively,” he explained. Assafuah claims that even a prior trust established in 2025 identified Boateng as the primary beneficiary, further cementing the alleged conflict.
Adding another layer to the controversy, Assafuah revealed that all 2,000 shares were subsequently transferred to Sedinam Cofie. He questioned the integrity of someone entrusted with safeguarding state resources being implicated in such activities. He emphasizes the importance of beneficial ownership transparency to prevent potential abuse.
Boateng has welcomed investigations into the matter, asserting that he resigned from his director position in January 2025, transferred his shares, and declared his prior interests in his asset declaration filed with the Auditor-General. He insists he has acted within the bounds of the law and ethical guidelines.
This saga unfolds against the backdrop of a petition filed by the Minority in Parliament, urging the Office of the Special Prosecutor and the Commission on Human Rights and Administrative Justice to investigate potential regulatory breaches and conflicts of interest involving Atlas Commodities’ operations within Produce Buying Company warehouses. The outcome of these investigations will be closely watched.
The clash between Assafuah and Boateng underscores the urgent need for robust oversight and accountability mechanisms within Ghana’s cocoa sector. It remains to be seen whether the investigations will uncover any wrongdoing, but the allegations have undoubtedly cast a shadow over COCOBOD and its commitment to ethical governance.
