Ghana appoints William Coffie as acting Managing Director of Cocoa Processing Company 

GHANA – President John Dramani Mahama has appointed Professor William Coffie as the Acting Managing Director of the Cocoa Processing Company Limited (CPC). 

Coffie, a financial economist, chartered accountant, and chartered marketer, brings over 20 years of experience in accounting, finance, investment, and economics. His appointment is aimed at revitalizing CPC’s operations, expanding its market presence, and steering the company toward profitability. 

Currently a Professor of Accounting and Finance and Head of the Department of Accounting at the University of Ghana Business School, Coffie has held academic positions internationally, including senior lecturer at the University of Wolverhampton, lecturer at Birmingham City University, and visiting professor at Hong Kong City University. 

He has deep personal ties to Ghana’s cocoa industry, with his grandfather serving as one of the founding staff members of the Ghana Cocoa Marketing Board (now Ghana Cocoa Board) in 1948. Coffie himself began cultivating cocoa in 1994, combining academic expertise with firsthand agricultural experience. 

The appointment comes as CPC faces persistent operational and financial difficulties. The company, responsible for processing cocoa beans into semi-finished and finished products, has recorded consistent losses in recent years. 

For the third quarter ended June 30, 2025, CPC posted a net loss of US$10.23 million, compared to US$9.57 million in the same period in 2024.  

Operating losses widened to US$7.29 million from US$6.94 million year-on-year, while revenue fell sharply by 27 percent to US$16.16 million from US$22.20 million. 

Financial records show total borrowings at US$38.72 million, with short-term debt accounting for US$35.03 million. Trade payables rose by 50 percent to US$75.31 million, including US$34.70 million owed to the related Cocoa Marketing Company. 

Despite processing 2,902 metric tonnes of cocoa beans, up slightly from 2,886 metric tonnes in 2024, confectionery output dropped by 30 percent to 737 metric tonnes, reflecting challenges in value-added production. 

Coffie has previously conducted extensive research into the operational and financial performance of both CPC and Ghana Cocoa Board, equipping him with insight into the company’s structural issues as he assumes leadership. 

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