Atlas Commodities Limited has firmly rejected allegations that its founding Chief Executive, Ato Boateng, is using his current position as Deputy Chief Executive of the Ghana Cocoa Board (COCOBOD) to advance the company’s interests, describing the claims as false and misleading.
The company issued a formal statement clarifying that Mr Boateng severed all ties with Atlas Commodities before assuming public office in 2025.
“Mr. Ato Boateng has not used his position at COCOBOD to advance the interests of Atlas Commodities Limited,” the statement said.
According to the company, Mr Boateng resigned as director and managing director on January 20, 2025, weeks before his appointment to COCOBOD on February 5 that year, and simultaneously transferred his shares through a blind trust arrangement.
Atlas added that since his resignation, he has played no role in management, decision-making, or operations of the firm.
Allegations From Minority MPs
The controversy began after opposition lawmakers raised concerns that COCOBOD resources might have been diverted to benefit Atlas Commodities, which previously employed Mr Boateng.
Old Tafo MP Vincent Ekow Assafuah has called for investigations by the Office of the Special Prosecutor (OSP) and the Commission on Human Rights and Administrative Justice (CHRAJ), alleging potential regulatory breaches and conflict of interest.
He argued that:
“You cannot be a referee and be a player at the same time,” citing provisions of COCOBOD’s governing laws.
The MP also petitioned COCOBOD’s governing board to withhold confirmation of Mr Boateng and asked that he step aside while investigations proceed, warning that allowing him to remain could undermine public confidence.
Atlas Commodities’ Response
Atlas Commodities insists its dealings with state institutions predate Mr Boateng’s public appointment and are therefore unrelated to his current role.
The company says its working relationship with Produce Buying Company (PBC) dates back to October 2023, more than a year before Mr Boateng joined COCOBOD.
It explained that a memorandum of understanding signed at the time allowed Atlas to use PBC infrastructure in exchange for financing support, international offtaker connections, and certification funding.
“It will therefore be misleading and mischievous for any entity… to suggest otherwise,” the company stated.
Atlas acknowledged that it temporarily used PBC depot facilities in December 2025 but said this occurred at the invitation of district-level officials and within existing commercial arrangements.
Deputy CEO Welcomes Probe
Mr Boateng himself has welcomed calls for investigations, saying he has complied fully with transparency requirements and declared his interests and assets to the Auditor-General.
He also clarified that his department at COCOBOD does not supervise licensed buying companies, noting that regulatory oversight falls under a different deputy chief executive division.
Separately, he said he is open to scrutiny by accountability institutions, emphasizing that such probes would help clear his name.
Calls for Him to Step Aside
Despite the denials, critics continue to demand action. One opposition MP has urged the President to direct the official to step aside while investigations are conducted, citing concerns about public trust and governance standards.
The allegations have intensified political debate around transparency in the cocoa sector, which remains one of Ghana’s most economically significant industries.
Political Dimension
Some political figures have dismissed the accusations as politically motivated. A party official argued the claims represent an attempt to manufacture scandal against the administration and questioned whether prior private-sector employment should automatically imply wrongdoing.
Broader Context: Pressure on Ghana’s Cocoa Sector
The dispute comes at a sensitive time for Ghana’s cocoa industry, which is already under scrutiny due to financial strains, farmer payment delays, and mounting debt among licensed buyers.
Industry data show cocoa buyers owe banks up to $750 million, highlighting liquidity pressures across the sector.
Analysts say the political controversy could affect investor confidence if not resolved quickly and transparently.
