{
  "id": 4852329,
  "title": "Bright Simons raises questions over COCOBOD’s GH¢5.1bn profit in SIGA report",
  "url": "https://urgent.news/2026/09/01/bright-simons-raises-questions-over-cocobods-gh-5-1bn-profit-in-siga",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-01T11:33:30.000Z",
  "source": {
    "name": "Adom Online",
    "slug": "adom-online",
    "url": "https://www.adomonline.com/bright-simons-raises-questions-over-cocobods-gh%c2%a25-1bn-profit-in-siga-report/"
  },
  "original_language": "en",
  "account": "Policy analyst Bright Simons has raised doubts about the reported GH¢5.11 billion profit that Ghana's Cocoa Board (COCOBOD) claimed for the year 2025, urging caution in assessing the company's financial health based on that figure alone. In a post on X, Simons highlighted several issues with the figures presented in the State Interests and Governance Authority (SIGA) report. Both the GH¢5.11 billion profit and the GH¢5.73 billion loss recorded in 2024 are unaudited, meaning they are based solely on the management's word. The absence of cash flow statements for 2024 and 2025 makes it difficult to determine how much of the reported profit is actual cash generated by the organization. Simons also pointed out discrepancies between SIGA reports, such as varying figures for COCOBOD's total equity and losses over the past three years. The policy analyst questioned inconsistencies in COCOBOD's historical performance, reporting different figures for 2022 and 2023 in different sections of the SIGA report. He also raised concerns about COCOBOD's cocoa purchase and sales volumes, noting that the reported 597,377 tonnes purchased in 2025 was a 33% increase from 2023/24 levels but still below the 656,000 tonnes purchased in 2022/23. Additionally, Simons questioned the treatment of foreign exchange gains and the use of an exchange rate of GH¢14.70 to US$1 in the 2024/25 accounts, which he believed could have significantly affected the reported revenue and profit figures. The unusually high return on equity (RoE) of 345.07% was also criticized, as it was largely influenced by COCOBOD's small equity base compared to its total assets.",
  "summary": "Policy analyst Bright Simons has questioned the reported GH¢5.11 billion profit recorded by the Ghana Cocoa Board (COCOBOD) in 2025, cautioning against drawing conclusions about the state-owned company’s financial health based solely on the headline figure. In a lengthy post on X, Mr Simons raised several concerns about the figures contained in the recently released […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "SIGA Report: TDC more than triples net profit to ¢195.6m in 2025",
        "url": "https://urgent.news/2026/09/01/siga-report-tdc-more-than-triples-net-profit-to-195-6m-in-2025",
        "published": "2026-09-01T13:20:20.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}