An investigation into the Ghana Cocoa Board has revealed a disturbing level of corruption, nepotism, and money laundering. The findings, obtained from the Financial Intelligence Centre, have been submitted to the Office of the Special Prosecutor. The inquiry focused on contracts awarded to Agri-Plus Horizon Farm Limited, a newly established entity.
Investigation Details
The investigation uncovered that Agri-Plus Horizon Farm Limited secured a contract to supply 75,000 litres of Transform Akate Insecticide at a rate of US$103.5 per litre, totaling US$7,762,500.00. This contract was sole-sourced to the company through the beleaguered Public Procurement Authority.
Agri-Plus Horizon Farm Limited then sub-contracted the agreement to Aedis Holding Limited (AEDIS) at a reduced rate of US$80.80357. AEDIS is owned by Joseph Seth Aidoo Jnr, allegedly the son of COCOBOD's Chief Executive Officer, Mr. Joseph Aidoo. AEDIS further subcontracted Dow Agrosciences Limited (DOW) Limited, a UK-based company, for the supply of the aforementioned insecticide.
Motivations and Connections
The report contends that the decision to engage Agri-Plus was motivated by "nepotism and/or trade-based money laundering." Additionally, it discloses that Joseph Seth Aidoo Jnr, the son of the COCOBOD CEO, is a signatory to Agri-Plus' Ecobank Accounts, established on August 1, 2017.
Financial Analysis
Further analysis of Agri-Plus' accounts reveals significant credits, including GH₵35,982,390.48 from the Ghana Cocoa Board, between October 2018 and May 2019. The report uncovers substantial sums of money accumulated across the company's various accounts, both in Cedi and Dollar denominations.
Implications and Recommendations
These findings are deeply concerning and highlight the urgent need for increased transparency and accountability within Ghana's cocoa industry. Corruption and nepotism undermine the integrity of the industry and harm the livelihoods of cocoa farmers. It is crucial that action is taken to address these issues and ensure that the industry operates in a fair and ethical manner.
The Office of the Special Prosecutor must thoroughly investigate these findings and hold those responsible accountable for their actions. The Ghana Cocoa Board must also take steps to improve its procurement processes and prevent such abuses from occurring in the future. Only through concerted efforts to combat corruption and promote transparency can Ghana's cocoa industry thrive and benefit all those involved.
(This article is sourced from @GhanaCrimes Twitter and curated by Bethany Bellew | Mydailyreports24)
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