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.

“For the avoidance of doubt, since the 2024/2025 cocoa season, Atlas Commodities has not received any seed fund from COCOBOD. The company, therefore, could not have utilised seed funds meant for any other LBCs, including Produce Buying Company Limited (PBC), when COCOBOD did not disburse any seed fund,” the company said in a press release dated February 24, 2026.

The clarification follows allegations by the Minority in Parliament, led by the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, that COCOBOD resources were being redirected to benefit Atlas Commodities.

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The company’s founding Chief Executive Officer, Ato Boateng, currently serves as Deputy Chief Executive (Finance and Administration) at COCOBOD.

Atlas maintained that its operations have been fully financed through private offtakers and banking partners, adding that documentation is available to verify all transactions.

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 arrangement, COCOBOD disbursed advance capital to LBCs at the beginning of each cocoa season to facilitate cocoa purchases.

According to Atlas, that model ended in the 2024/2025 season, compelling companies to secure their own pre-financing from private sources.

The company explained that its current financing structure involves obtaining pre-financing from offtakers and local banks. Additionally, cocoa purchased is allocated through COCOBOD’s Cocoa Marketing Company (CMC), and payments are made to Atlas only after independent buyers settle their accounts with COCOBOD.

“This structure leaves little room for COCOBOD officials to quietly redirect funds to any company,” Atlas stated, arguing that the 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 favour.