COCOBOD denies $1.3B loan can’t be accounted for

An allegation made in public by the Member of Parliament for Juabosso, Kwabena Mintah Akandoh that Government cannot account for an amount of $1.3billion syndicated loan for the 2020/22021 crop season has been completely refuted and challenged by the Ghana Cocoa Board (COCOBOD).

“Contrary to the assertions of the MP for Joabosso Kwamena M. Akandoh, COCOBOD has met all its statutory requirements and agreements with its financial partners in accounting for the syndicated loan for the 2020/202 crop season which closed in September 2021”, a statement issued on Friday March 11, by the Public Affairs Department of COCOBOD noted.

The statement continued that “furthermore, COCOBOD has drawn down US$1.45 billion out of the US$ 1.5 billion facility procured for the present 2021/2022 season which has gone into financing the purchase of cocoa and other industry costs.

“Information about payments to LBCs can be verified from the LBCs and COCOBOD, to avoid putting out false information.”

It concluded by urging the general public to “disregard the false claims as COCOBOD is on course to meet all its financial obligations to farmers and the LBCs within the current crop season.

Mr. Kwabena Mintah Akandoh, in a recent interaction with TV3’s Johnnie Hughes made the statement which COCOBOD has described as false.

In that interview, the MP was categorical: “If you look at what is happening in the cocoa sector, for now in the 2020-2021 crop year, we targeted about 800,000 metric tonnes and now we are somewhere around 400,000 metric.

“The disheartening aspect is that they came to parliament to seek the approval for the syndicated loan around 1.3 billion dollars and we approved the money. We were targeting 800 metric tonnes, now we are somewhere around 400 yet we don’t have money to buy cocoa.

“We have asked several times where the money is, and we are not being given any tangible explanation. If you go to my constituency for example, as I speak to you, the farmers may have the cocoa beans but they may not have access to money.

“This is the reality because COCOBOD is owing a lot of the cocoa buying companies. So there are a lot of challenges in the cocoa sector as I speak to you now.”