The Minority in Parliament has taken a swipe at the Ghana Cocoa Board (COCOBOD) over its decision to transition to self-financing for the 2024–2025 cocoa crop season, starting in September 2024.
The leader of the side, Dr. Cassiel Ato Forson, said in a statement that COCOBOD lacks creditworthiness and described its decision as “false, unmeritorious, contrived, and face-saving.”
COCOBOD has for over three decades used offshore borrowing to finance cocoa purchases through its cocoa syndication programme.
But the company says it is shifting its strategy to reduce dependence on external funds.
CEO of COCOBOD, Joseph Boahen Aidoo, announced that the state institution will not borrow from foreign banks for the 2024–2025 cocoa crop season. He explained that this new approach is expected to save an estimated $150 million.
But the Minority Leader responding said “This is to hide the fact that COCOBOD is no longer creditworthy and that a 32-year-old tradition, which has consistently cushioned and provided Ghana’s economy with the most reliable foreign exchange to support the Ghana Cedi, has been destroyed by the Akufo-Addo/Bawumia government.”
His statement also pointed out that Ghana’s cocoa sector is in a state of crisis, necessitating competent management and a new direction for the Ghana Cocoa Board (COCOBOD).
“Ghana’s cocoa sector is in crisis and needs urgent attention, competent management and a new direction. The NPP government has completely mismanaged and destroyed the cocoa sector.
“After seven years of decline in production and consecutive losses, the government has shown clearly that it does not have the competence to manage the cocoa sector which has since independence been the mainstay of the Ghanaian economy.”
Source: rainbowradioonline.com
