Atlas Commodities Limited has dismissed claims that it benefited from state resources, saying it has not received a single pesewa in seed funds from the Ghana Cocoa Board (COCOBOD) since the 2024/2025 cocoa season.
“For the avoidance of doubt, since the 2024/2025 Cocoa season, Atlas Commodities has not received any Seedfund from COCOBOD. The company, therefore, could not have utilised Seedfund meant for any other LBCs, including Produce Buying Company Limited (PBC) when COCOBOD did not disburse any Seedfund,” the company stated in a press release dated February 24, 2026.
The clarification comes amid allegations from the Minority in Parliament, led by Old Tafo MP Vincent Ekow Assafuah, that COCOBOD resources were being redirected to benefit Atlas Commodities, whose founding CEO, Ato Boateng, currently serves as Deputy Chief Executive (Finance and Administration) at COCOBOD.
Atlas said its operations have been entirely financed through private offtakers and banking partners, and documentation is available to verify all transactions.
Mr Boateng also confirmed that for the past two cocoa seasons, COCOBOD has not provided seed funding to any Licensed Buying Company (LBC).
Under the previous model, COCOBOD disbursed advance capital to LBCs at the start of each cocoa season to enable cocoa purchases.
That arrangement, Atlas explained, ended in the 2024/2025 season, forcing companies to secure their own pre-financing from private sources.
According to the company, its current financing model involves obtaining pre-financing from offtakers and local banks.
Cocoa purchased is allocated through COCOBOD’s Cocoa Marketing Company (CMC), and payments only flow back to Atlas after independent buyers settle their accounts with COCOBOD.
“This structure leaves little room for COCOBOD officials to quietly redirect funds to any company,” Atlas said, arguing that the allegations of misuse are therefore unfounded.
Despite these clarifications, the Minority continues to demand a forensic audit of warehouse registrations, cocoa movement records, and full disclosure from COCOBOD and National Security, alongside a constitutional determination on potential conflicts of interest.
Atlas remains confident that a proper review of seed fund allocations will vindicate its position and confirm that no public funds have been misdirected in its favour.
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Source: www.myjoyonline.com