Former General Secretary of the Convention People’s Party (CPP), Nana Yaa Jantuah, has expressed concerns about Ghana’s inability to effectively promote its cocoa industry.
She believes that the country should prioritize local production and exportation of cocoa while banning cocoa imports to boost the industry.
“We haven’t been able to promote our cocoa effectively as a country. In my opinion, considering that we have cocoa, we should ban the import of cocoa. We need to increase our cocoa production and focus on exporting it. The government should invest more in our local industries.”
Nana Yaa’s comments come in the wake of claims by the Minority in Parliament that the Ghana Cocoa Board (COCOBOD) was turned down by international banks while seeking a $1.5 billion loan for the 2024/2025 cocoa season.
COCOBOD has refuted these claims, stating that several banks have expressed interest in the loan.
Speaking on Adom FM’s morning show, Dwaso Nsem on Friday, Nana Yaa Jantuah argued that while there is nothing wrong with borrowing from international banks, COCOBOD should demonstrate its financial stability.
“There is nothing wrong with borrowing from international banks, but if they claim it’s untrue, then they should demonstrate their financial capacity for making the decision not to borrow, which would sustain the industry. If not, it’s like saying you won’t need financial aid when your own country is at the IMF.”
The former CPP General Secretary also questioned why the country, rich in resources like cocoa and gold, struggles to fund its own industries.
She urged the government to diversify resources to support various sectors, noting that Ghana’s chocolate exports should be competing at a higher level globally.
“Our country possesses abundant resources that could be utilized to fund various sectors. Dr. Bawumia has stated that our gold reserves are equivalent to one trillion Ghanaian dollars. It is crucial to diversify our resources to ensure the prosperity of different sectors, including the struggling cocoa industry.
“Cocoa not only brings in revenue for the country but also supports our overall economic growth. It would be beneficial to include cocoa in the school feeding program. Despite having a strong chocolate export market, we need to invest more in the production of cocoa to compete with leading chocolate-producing nations,” she said.
Source: Faridatu Seidu
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