Seven staff members at Cocoa Processing Company PLC (CPC) have been suspended. This follows a special audit by the Ghana Audit Service. The audit identified GHS 4,373,355.04 as outstanding and unaccounted for. These funds relate to the operations of the CPC Consumer Cooperative Shop.
The audit examined activities during the 2023-2024 and 2024-2025 financial periods. It concluded in March 2026. Significant irregularities were found involving products supplied to the shop. The shop is operated by workers through their unions. It is located on CPC's premises in Tema. The Ghana Audit Service found the shop owed CPC GHS 4,373,355.04. This was for products supplied as of September 2025. The shop also allegedly operated rent-free. It did not pay for utilities during this period. Auditors warned about potential negative impacts on CPC's finances. Swift recovery of the outstanding money is advised.
This situation highlights potential financial management weaknesses within state-owned enterprises. CPC is a key player in Ghana's cocoa value chain. The company plays a vital role in processing cocoa beans for export. Such financial discrepancies can affect investor confidence. They can also impact the company's ability to invest in technology and expansion. Ghana's economy relies heavily on commodities like cocoa. Ensuring transparency in state entities is crucial for economic stability. The Ghana Audit Service's role is to safeguard public funds. This incident underscores the importance of their oversight function.
Sources close to the company's staff unions revealed the interdictions. The audit report portions were sighted by this publication. The Ghana Audit Service made specific warnings. Management acted quickly after receiving the audit findings. Formal audit queries were issued to the staff. They were asked to explain the irregularities. Some staff denied wrongdoing in their responses. An interdiction letter dated May 11, 2026, was signed by Managing Director Professor William Coffie. He stated management believed "no headway" was made in resolving the matter. Further investigations are deemed necessary.
The suspended staff are instructed not to withdraw funds from the shop's accounts. They must be available for stock-taking. This will be supervised by the Security Coordinator. The interdicted employees will receive two-thirds of their salary. This continues pending the investigation's outcome. The Ghana Audit Service recommended immediate recovery of funds. Proper accounting for rent and utilities is also required. This situation is causing concern among CPC workers. The scale of the amount raises questions about management and union oversight.