Seven employees of Cocoa Processing Company PLC (CPC) have been interdicted following audit findings by the Ghana Audit Service that revealed an outstanding and unaccounted amount of GH¢4,373,355.04 linked to the operations of the CPC Consumer Cooperative Shop. The interdictions, issued on May 11, 2026, stem from irregularities uncovered during an audit covering the 2023–2024 and 2024–2025 financial years, which concluded in March 2026.
Audit Uncovers Significant Financial Irregularities
The audit report, citing Myjoyonline.com, identified substantial debts accumulated by the union-run consumer shop, located on CPC’s premises in Tema. As of September 2025, the shop owed CPC GH¢4,373,355.04 for goods supplied. The auditors also noted that the shop operated rent-free and did not incur utility charges during the period under review.
The Ghana Audit Service cautioned that the failure to recover these receivables could negatively impact CPC’s financial stability. This has prompted swift action from the company’s management.
Key Personnel Interdicted
The seven interdicted staff members include Theodore Matey Tackey, Chairman of the Senior Staff Union; Abdul-Samed Adams, Chairman of the Junior Staff Union; George Yanney, Principal Accounts Officer; Daniel Mensah, Shop Keeper; Genevieve Pawar, Product Research and Development Manager; James Ababio, Production Manager (Confectionery); and Michael Eshun, Chief Engineer.
Four of these individuals served on the Consumer Shop Management Committee, two were patrons, and one was the shopkeeper directly responsible for daily operations. Management initiated the interdictions after reviewing the audit findings and issuing queries to the affected staff to explain the discrepancies.
Staff Responses and Management’s Decision
Sources within CPC indicated that the affected staff were given an opportunity to respond to the queries before the interdictions were imposed. Some of the officers reportedly denied any wrongdoing and contested parts of the audit findings in their submissions.
However, a letter dated May 11, 2026, signed by Managing Director Professor William Coffie, stated that management reviewed the responses but found no progress in resolving the matter. The letter emphasized the need for further investigations to reach a conclusive determination, aligning with the Audit Service’s recommendations for recovering the outstanding funds.
Directives for Investigation and Recovery
The interdicted staff are now prohibited from making any withdrawals from the Consumer Shop’s bank accounts. They are required to cooperate fully with a comprehensive stock-taking exercise, to be conducted jointly by CPC’s Audit and Accounts Departments under the supervision of the Security Coordinator.
Additionally, the affected employees must submit handing-over notes. They will continue to receive two-thirds of their salary pending the outcome of the investigations, as stipulated in the company’s collective agreement.
Audit Service Recommendations and Worker Concerns
The Ghana Audit Service has formally recommended the immediate recovery of the outstanding receivables. It also urged CPC to implement proper accounting procedures for rent, water, and electricity charges for the consumer shop moving forward.
This development has sparked considerable discussion among CPC employees, with many expressing concern over the magnitude of the unaccounted funds and the potential repercussions for both the company’s management and the unions involved with the shop’s operations.
Looking Ahead: Recovery and Future Controls
The focus now shifts to the thorough investigation and the company’s ability to recover the substantial debt. CPC’s management will need to address the systemic issues that allowed such discrepancies to occur, particularly concerning the operation of the union-run shop on company premises without standard charges.
The company is expected to implement stricter financial controls and oversight mechanisms for all internal operations, especially those involving employee-managed entities. The outcome of the investigations and recovery efforts will be closely watched by stakeholders and could influence future corporate governance practices at CPC.
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