Atlas Commodities Limited has clarified its operations following claims by the Minority in Parliament and other critics about its role in Ghana’s cocoa sector.
The fully Ghanaian-owned Licensed Buying Company, operating under the regulatory framework of the Ghana Cocoa Board (COCOBOD) since 2018, stated that it maintains warehouses in key cocoa-producing regions, including Ashanti, Eastern, Western, and Central Regions. The company stressed that claims it has no warehouses are inaccurate.
In a statement issued on Thursday, February 26, Atlas also addressed allegations that it had used Seedfund from COCOBOD. It confirmed that since the 2024/2025 cocoa season, it has not received any public funds.
The company said its trading activities are financed solely through offtakers and banking partners, with all records available for verification.
“We could not have utilised Seedfund meant for any other Licensed Buying Company, including Produce Buying Company Limited (PBC), when COCOBOD did not disburse any funds,” the company said.
Atlas further rejected suggestions that it has become a dominant player in the industry, noting that it purchased only 4,000 metric tonnes of cocoa in the 2025/2026 crop year—less than one percent of total purchases by Licensed Buying Companies so far.
The company highlighted its formal partnership with Produce Buying Company Limited, which began in 2020, as well as an October 2023 Memorandum of Understanding and Tripartite Sustainability Agreement. According to Atlas, these arrangements enable both firms to leverage operational networks across cocoa districts for mutual benefit.
Atlas reaffirmed its commitment to transparency, regulatory compliance, and support for cocoa farmers nationwide.
Meanwhile, the company also dismissed claims that Mr. Ato Boateng, Deputy Chief Executive of COCOBOD, is advancing its interests.
The Minority, led by the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, had called for an investigation into Atlas over allegations that it was operating in PBC warehouses without proper authorisation and raised concerns about potential regulatory breaches and conflicts of interest.
In response, Atlas stated that Mr. Boateng resigned as Director and Managing Director of the company on January 20, 2025, and placed his shares in a blind trust on the same day. His resignation and share transfer, the company noted, were completed before his appointment as COCOBOD’s Deputy CEO in February 2025. It emphasised that he has had no involvement in Atlas’ management, decision-making, or operations since stepping down.
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