A storm is brewing within Ghana’s cocoa sector as allegations of conflict of interest swirl around Ato Boateng, the Deputy Chief Executive in charge of Finance and Administration at the Ghana Cocoa Board (COCOBOD). Vincent Ekow Assafuah, the Member of Parliament for Old Tafo, is leading the charge, publicly questioning Boateng’s defense against claims of impropriety. The MP suggests that recent share transfers involving Boateng raise serious ethical concerns about his role and responsibilities within the powerful cocoa organization.
Assafuah has been vocal about his concerns, particularly regarding the timeline and nature of share transfers linked to Boateng. He pointed to actions taken at the Registrar-General’s Department in February 2026, following his initial revelations, to facilitate a complete transfer of trustee shares. The MP sees these maneuvers as attempts by Boateng to absolve himself from any wrongdoing, a claim Boateng vehemently denies. The core of the issue revolves around a company called Legal Capital Management Limited and Boateng’s alleged past involvement.
Specifically, Assafuah highlighted the transfer of 400 and 1,600 ordinary shares previously held by Legal Capital Management Limited and Ato Boateng, respectively. While Boateng claims these shares were transferred into a trust on January 20, 2025, with himself as the primary beneficiary, Assafuah finds the timing and structure of the trust deeply problematic. He stated it’s troubling when a public officer, entrusted with state resources, appears to be engaging in activities that could be perceived as self-serving.
Adding another layer of complexity, Assafuah revealed that all 2,000 shares were subsequently transferred to Sedinam Cofie just last week. He argues that the beneficial ownership records still list Ato Boateng as the true owner, despite these transfers. This revelation directly contradicts Boateng’s assertion that he resigned as a director of the company, transferred his shares, and declared his previous interests in his assets declaration filed with the Auditor-General.
The controversy gained further momentum after the Minority in Parliament petitioned the Office of the Special Prosecutor and the Commission on Human Rights and Administrative Justice to investigate alleged regulatory breaches and potential conflicts of interest involving Atlas Commodities’ operations in Produce Buying Company warehouses. This petition underscores the seriousness of the allegations and the growing calls for transparency and accountability within Ghana’s cocoa industry. Boateng has welcomed the investigation, reiterating his innocence and maintaining that he has acted within the bounds of the law.
The future of Ato Boateng’s position at COCOBOD now hangs in the balance, pending the outcome of these investigations. The saga highlights the intense scrutiny faced by public officials in Ghana, particularly those involved in the lucrative cocoa sector. The public and the government eagerly await the findings, as they could have significant implications for the leadership and governance of COCOBOD.
This situation serves as a critical reminder of the importance of ethical conduct and transparency in public service. It also emphasizes the vital role of parliamentary oversight in ensuring accountability and preventing potential abuse of power. The investigation into Ato Boateng’s affairs will undoubtedly set a precedent for future cases involving conflicts of interest among public officials in Ghana.
