Stan Xoese Dogbe, a Special Aide to former President John Dramani Mahama, has called for the prosecution of government officials responsible for the mounting losses of State-Owned Enterprises (SOEs).
Mr Dogbe’s demand comes in response to a recent report revealing that the state-owned Cocoa Processing Company Limited (CPC) recorded a loss of $9,568,898 in the first half of 2024, a 4.5% increase from the $9,155,700 loss in the same period last year.
In a scathing critique, the renowned political communication strategist criticized the management of CPC and called for their immediate arrest and prosecution.
“The management of this company must be arrested and prosecuted for the said loss,” he asserted.
Stan Dogbe attributed the recurring losses to what he described as a culture of impunity among Chief Executive Officers and their executive management teams, who, he argued often attribute financial deficits to increased operational costs without facing any consequences.
“The penchant of allowing CEOs and their executive management to go scot-free after recording such so-called losses and attributing the same to increased operational costs, among others, is the reason we continue to record such acts”.
Stan Dogbe, Special Aide to former President John Dramani Mahama
He expressed skepticism about the legitimacy of the reported operational expenses, asserting that the funds might not be genuinely spent.
“I do not believe all the funds they spend on so-called increased operational expenses are genuine spends”, he emphasized.
Corruption and Financial Mismanagement of SOEs
Furthermore, Stan Dogbe, A Special Aide to former President John Dramani Mahama highlighted a broader concern about corruption and financial mismanagement within several state-owned enterprises.
He emphasized that the lack of accountability has emboldened individuals to continue their malfeasance.
“Too many people are stealing and because they are not punished or held to account, they continue to steal with impunity”, Mr Dogbe lamented.
The CPC, which has been a crucial part of Ghana’s cocoa industry, has struggled financially in recent years.
The latest figures show a worsening situation, raising questions about the effectiveness of its management and operational strategies.
Mr Dogbe’s call for accountability reflects growing public concerns over the persistent financial losses of SOEs, which have significant implications for the country’s economy.
The losses reported by CPC are not an isolated case. Several SOEs in Ghana have been plagued by financial inefficiencies and corruption, contributing to a drain on the national economy.
CPC’s losses are particularly concerning given the company’s role in the cocoa sector, a major contributor to Ghana’s GDP.
In other developments, Workers of the Produce Buying Company of Ghana (PBC) have assembled at Abeka Junction to protest unpaid salaries.
The aggrieved workers are marching to the company’s headquarters in Dzorwulu to express their dissatisfaction with management. Clad in red attire, the disgruntled employees carried placards demanding improved service conditions.
This demonstration follows a similar protest organized by PBC staff in the Ashanti region on May 29, 2024.
The distressed workers are calling on state agencies to investigate the company’s management regarding financial matters.
Led by the Pressure Group of PBC Limited, the workers are lamenting the hardships caused by the government’s failure to pay twelve months of salary arrears.
The Ashanti regional chapter has specifically urged the Economic and Organised Crime Office (EOCO) to scrutinize the status of the company’s sample residue account.
Seth Adusei, Vice Chairman of the Workers Union of PBC, has called on the government, particularly Vice President Dr. Mahamudu Bawumia, to expedite the process of paying their twelve months of outstanding salaries.
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