Skip to main content

COCOBOD Introduces Balanced Scorecard Approach to Transform Performance

 The Ghana Cocoa Board (COCOBOD) has launched a new performance management strategy aimed at reviving and improving the cocoa industry through the implementation of the Balanced Scorecard approach.

The initiative was announced at the opening of a three-day management retreat in Kumasi, where leadership and senior staff gathered to discuss a shift from administrative-oriented systems to a performance-based culture.

In a welcome address, the Director of Human Resource, Francis Ocran, emphasised that the Balanced Scorecard begins with leadership ensuring alignment at all levels of the organisation. He described it as a departure from the traditional appraisal system, positioning it instead as a framework to embed performance into the daily culture of COCOBOD.

In his keynote address, Deputy Chief Executive in charge of Finance and Administration, Ato Boateng, stressed the urgency of the transition, indicating that the current state of COCOBOD requires collective effort to achieve meaningful change.

By Friday when we will be leaving here, every staff member of COCOBOD must have a scorecard. This is not just a framework but a culture and a lifestyle,” he said. “We must measure what matters and put value on it. The journey towards recovery starts now,” he added.

Boateng outlined a three-phase implementation plan to support the new policy:

Balanced Scorecard: Establishing clear objectives in financial, customer, internal process, and learning and growth perspectives.

Six Sigma: Enhancing operational efficiency and reducing errors to achieve quality standards.

Systems Thinking: Encouraging cross-functional collaboration and accountability to eliminate departmental or divisional silos.

He encouraged the management staff, and by extension all staff, to reimagine activities that add value and eliminate those that do not, adding that promotions and career progressions would be strictly tied to measurable performance under the new system.

According to the Deputy Chief Executive, the approach aims to move COCOBOD from a focus on routine administrative processes to a dynamic, results-driven culture. He said management believes the Balanced Scorecard would serve as a key tool for aligning staff efforts with strategic goals and fostering a culture of continuous improvement across the organisation.

The retreat marks the official start of the implementation process, with the expectation that staff will begin adopting the Balanced Scorecard  as soon as possible.

Comments

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...