Effective Stock Management and its Impact on the Growth of Cocoa Industries in Ghana
Cocoa is one of the major export crops that is being held in high esteem in the world market. This international product serves as a source of food for some sections of the global market. Therefore, local problems could affect the government of the state and other stakeholders in terms of foreign exchange and other economic benefits. Recent theft in the industry has been rampant in the dailies (gazette) and on radios.
Management of cocoa companies like Olam Ghana Limited, Agroecom Ghana limited and Kuapa Kokoo limited, have been a victim of late. Companies in the industry easily fold up and collapse every now and then. Almost every year Licensed Cocoa companies keep on coming and die-out like mushroom due to poor handling and management of stocks. In the cocoa industry, stock contribute about 80% of all the company’s capital. This means that capital could be tied up in stock, and for that reason stock management in the industry is very crucial. For the government of Ghana to continue enjoy its fruits in the industry and more so to safe-guarding shareholders wealth and developing the interest of other stakeholders, people in this industry such as the District Managers, Warehouse keepers, Purchasing clerks must be trained and equipped with effective stock management to the detriment of their selfish interest. The research is aimed to educate and improve the internal controls in the area of stocks in the cocoa industry. In addition, people’s inability to supervise subordinates well has resulted in poor stock management. To curtail the problems mentioned above, the research was to educate Managers, Warehouse keepers and Purchasing clerks on effective stock management. Stock levels and other control mechanisms are put in place to avoid the occurrence of deterioration, pilfering, and obsolescence among others that may affect productivity.
Keywords - Stakeholders, Management, Mechanism, Economic Benefits.