In a case of reaching conclusions not supported by its own data, the State Interest and Governance Authority (SIGA) has claimed COCOBOD made a net profit of GHc1.478Billion in the 2019 Financial Year when its own Statement of Income for same year showed a loss of over Ghc320million for the same year.
Also, whereas SIGA claimed COCOBOD made a net loss GHc42.14 million in the 2020 financial year, the same year’s Profit or Loss Account or Statement of Income showed COCOBOD made a loss of Ghc426.31million.
From the income Statement of Statement of Profit or Loss Account of COCOBOD captured on pages 64 and 65 of the Edward Boateng-led SIGA Report, the statement showed a net loss for COCOBOD of Ghc426.31million in 2020. In 2019 it showed another net loss of Ghc320.57million and in 2018 it showed Ghc78.47 million.
However, in its remarks on profitability, SIGA claimed COCOBOD made a “net profit” of GHc1.478Billion in 2019 which is a misleading as supported by the Audited accounts of the COCOBOD in 2019 by the Auditor General.
The 2020 Audited Accounts of COCOBOD confirmed that indeed in 2019, COCOBOD recorded a loss of Ghc320.6million as compared with a loss of GH¢78.2 million registered in 2018.
The true intent behind the misrepresentation of the facts in the SIGA Report is not yet clear. Also, while it could be a matter of genuine error, it leaves many to wonder how reliable the content of the entire report is given the mandate of SIGA.