The Member of Parliament for Old Tafo, Vincent Ekow Assafuah, has rejected explanations offered by the Deputy Chief Executive in charge of Finance and Administration at the Ghana Cocoa Board (COCOBOD), Ato Boateng, regarding alleged conflict of interest concerns linked to Atlas Commodities Limited.
Speaking on Asempa FM’s Ekosii Sen show, Mr. Assafuah claimed that despite the announced resignation and transfer of shares, Mr. Boateng remains the beneficial owner of the company.
According to the MP, records indicate that Ato Boateng held 1,600 out of 2,000 shares as a trustee, making him the majority shareholder.
He alleged that following his public revelation on February 20, 2026, steps were taken at the Registrar-General’s Department to effect a total transfer of the trustee shares.
“On February 20, 2026, following my revelation, they went to the Registrar-General’s Department to facilitate a complete transfer of the trustee shares. I am disheartened that a public officer would engage in such actions, seemingly attempting to exonerate himself,” he stated.
Mr. Assafuah argued that although it was claimed that the shares had earlier been transferred and placed in a trust in January 2025, Mr. Boateng was still the main beneficiary of that trust.
He further alleged that all 2,000 shares were subsequently transferred to Sedinam Cofie last Friday, describing the development as an attempt to “clean himself.”
“It was determined that, through a legally executed transfer instrument, Legal Capital Management Limited and Ato Boateng transferred all their shares—400 and 1,600 ordinary shares, respectively. This claim aligns with their assertion that the shares were transferred and a trust was created on January 20, 2025. However, the trust established identified him as the primary beneficiary.
“This past Friday, they transferred all 2,000 shares to Sedinam Cofie. It is troubling that someone entrusted with safeguarding the state is involved in such misconduct. The particulars of the beneficial ownership list Ato Boateng as the owner,” he said.
The controversy follows calls by the Minority in Parliament for investigations by the Office of the Special Prosecutor and the Commission on Human Rights and Administrative Justice into alleged regulatory breaches and possible conflict of interest involving Atlas Commodities’ operations in Produce Buying Company warehouses.
Mr. Boateng has welcomed the calls for investigation and maintains that he resigned as director of the company on January 20, 2025, transferred his shares, and duly declared his previous interests in his assets declaration filed with the Auditor-General.
However, Assafuah insists that the beneficial ownership particulars still bear Mr. Boateng’s name and has called for further scrutiny.
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