The Ghana Cocoa Board (COCOBOD) has been flagged over major weaknesses in the procurement and management of projects under its cocoa roads investment programme, according to an IMF Technical Assistance Report.

The report references an audit which found that 87 percent of contracts under COCOBOD’s cocoa roads investment portfolio were directly awarded without competitive tendering.

The finding forms part of broader concerns raised about financial oversight and governance within state-owned enterprises.

Beyond the procurement process, the IMF report points to weaknesses in project costing and contract management, saying these shortcomings contributed to additional financial pressures.

The concerns come as government continues to manage fiscal risks associated with SOEs, particularly entities operating in sectors with significant liabilities and financial challenges.

The IMF is advocating stronger governance and financial controls across state-owned enterprises to reduce the risks their operations pose to public finances.

Among the measures proposed are stronger board appointment practices, improved coordination between the Ministry of Finance and the State Interests and Governance Authority, and closer monitoring of investments undertaken by SOEs.