The Ghana Cocoa Board (COCOBOD) has stated that the increase in its administrative expenditure for the year 2023 is due to the rehabilitation of cocoa farms affected by the swollen shoot disease.
COCOBOD explained that, the production from these farms is not yet reflecting the investment made because the farms are still young.
The Minority in Parliament recently revealed that cocoa production dropped to 655,000 tonnes over the last four years, while COCOBOD’s head office expenditure surged to approximately 3.4 billion Ghana cedis in 2023.
Appearing before the Public Accounts Committee of Parliament, the CEO of COCOBOD, Joseph Boahen Aidoo, provided justification for the increase in administrative expenses.
“Our investment in rehabilitating these farms is crucial for the long-term sustainability of cocoa production. Although the immediate production numbers may not yet reflect the investment, these efforts are necessary to address the challenges posed by the disease.”
Meanwhile, COCOBOD has disclosed that 1.6 million Ghana cedis of its investment is currently locked up with Zenith Bank due to the government’s Domestic Debt Exchange Programme.
Appearing before the Public Accounts Committee of Parliament, the Deputy CEO of COCOBOD in charge of Finance and Administration, Ray Ankrah, stated that 200,000 Ghana cedis have been retrieved from the total 1.8 million Ghana cedis, with efforts underway to recover the remaining funds.
The Public Accounts Committee has urged COCOBOD to make every effort to retrieve the outstanding amount.
Source: Ohene Amponsah
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