The Minister of Finance, Dr Mohammed Amin Adam, has clarified that the Ghana Cocoa Board (COCOBOD) will utilise syndicated loans in conjunction with other financing sources for the 2024/2025 cocoa crop season.
COCOBOD had announced plans to move to self-financing for the 2024/2025 cocoa crop season, which begins in September this year.
According to its Chief Executive Officer, Joseph Boahen Aidoo, this change would save about $150 million.
The Minority alleged that COCOBOD’s decision to transition to self-financing for the 2024/2025 cocoa crop season was prompted by the rejection of a $1.5 billion loan proposal submitted to international banks in June 2024.
According to the Minority, the loan request failed to attract interest from international banks due to COCOBOD’s poor financial health and the reported decline of the cocoa sector under its current management.
Speaking at the monthly economic updates in Accra on Thursday, Dr Adam explained that COCOBOD noted that “I want to take this opportunity to clarify that as part of measures to improve the financial viability of COCOBOD, the government for the 2024/2025 crop season will be sourcing funds through the syndication process and other alternative sources.”
