The 2023 Auditor General Report has urged the Bank of Ghana to recover GH¢8.241 billion owed by the Ghana Cocoa Board (COCOBOD).

According to the report, COCOBOD has consistently defaulted on loan facilities granted by the Bank of Ghana, and as of December 31, 2022, COCOBOD had an outstanding principal amount of GH¢8.241 billion.

It advised the Central Bank to institute policies to address its exposure to quasi-government institutions and ensure clear repayment plans are in place when loans fall due.

Meanwhile, the Auditor General is urging the Bank of Ghana to ensure that a formal agreement on the “Gold Purchase Programme” and sale transactions are concluded with the Precious Mineral Marketing Company (PMMC).

The Central Bank engaged PMMC to purchase and sell gold on its behalf.

The Auditor General said it was, however, not provided with a formal agreement between the Central Bank and PMMC for these transactions.

“As a result, we could not confirm salient terms of the engagement including fees or commissions paid to PMMC for their services. Transactional relationships of this nature must be formalized with an agreement”, it stated.