Minister for Food and Agriculture, Bryan Acheampong, has firmly rejected claims that the Ghana Cocoa Board (COCOBOD) lacks the funds to purchase cocoa beans from farmers.
Ahead of the 2024/2025 cocoa season, COCOBOD announced plans to use a combination of self-financing and syndicated loans to fund cocoa purchases.
However, Finance Minister Dr. Mohammed Amin Adam revealed that the syndicated loan will bring in less than $600 million, falling short of the initial $1.5 billion target.
Speaking at a press conference to announce the producer price for cocoa for the 2024/2025 season, Mr Acheampong emphasized COCOBOD’s financial stability and its ability to make the necessary purchases.
“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: Adomonline
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