Minister for Food and Agriculture, Bryan Acheampong, has dismissed concerns that the Ghana Cocoa Board (COCOBOD) is facing financial difficulties ahead of the 2024/2025 cocoa season. These concerns arose after COCOBOD disclosed that it would be relying on a combination of self-financing and syndicated loans to buy cocoa beans from farmers.
Despite an initial target of $1.5 billion, Finance Minister Dr. Mohammed Amin Adam announced that the syndicated loan is expected to secure less than $600 million. This shortfall raised questions about COCOBOD’s ability to fund cocoa purchases.
Addressing these issues during a press conference to announce the producer price for the upcoming cocoa season, Mr. Acheampong assured the public of COCOBOD’s financial strength, stressing that the organization remains fully capable of purchasing cocoa beans as required. He firmly refuted any claims of financial instability.
“I don’t understand why anyone would say COCOBOD lacks funds. This is a misconception that should not be spread. COCOBOD is well-equipped to buy cocoa beans from farmers and trade them.
“At no point has the government or COCOBOD stated that it is unable to purchase cocoa,” he added.
Meanwhile, the cocoa producer price has increased from GH¢20,928 per tonne at the start of the 2023/2024 season to GH¢48,000 per tonne, with the price per 64kg bag rising from GH¢1,308 to GH¢3,000.
SOURCE: https://dew360.net
