Accra: Atlas Commodities Limited has dismissed claims that it benefited from state resources, stating that it has not received a single pesewa in seed funds from the Ghana Cocoa Board (COCOBOD) since the 2024/2025 cocoa season.
According to Ghana Web, the company released a statement clarifying that it has not received any seed fund from COCOBOD and therefore could not have utilized funds meant for other Licensed Buying Companies (LBCs), including Produce Buying Company Limited (PBC). This response came after allegations by the Minority in Parliament, led by the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, suggesting that COCOBOD resources were being redirected to benefit Atlas Commodities.
The company's founding CEO, Ato Boateng, who now serves as Deputy Chief Executive (Finance and Administration) at COCOBOD, reiterated that Atlas's operations are fully financed through private offtakers and banking partners, with documentation available to verify all transactions. Boateng confirmed that COCOBOD has not provided seed funding to any LBC in the past two cocoa seasons.
Previously, COCOBOD disbursed advance capital to LBCs at the beginning of each cocoa season to facilitate cocoa purchases. However, Atlas explained that this model ended in the 2024/2025 season, requiring companies to secure their own pre-financing from private sources. Atlas's financing structure now involves obtaining pre-financing from offtakers and local banks, with cocoa purchased allocated through COCOBOD's Cocoa Marketing Company (CMC). Payments to Atlas are made only after independent buyers settle their accounts with COCOBOD.
Atlas stated that this structure minimizes the possibility of funds being quietly redirected by COCOBOD officials, arguing that allegations of misuse are unfounded. Despite the company's response, the Minority continues to call for a forensic audit of warehouse registrations, cocoa movement records, and full disclosure from COCOBOD and National Security, as well as a constitutional determination on potential conflicts of interest.
Atlas expressed confidence that a proper review of seed fund allocations will vindicate its position and confirm that no public funds have been misdirected in its favor.