The Ranking Member of the Food, Agriculture, and Cocoa Affairs Committee of Parliament, Eric Opoku, has insisted that the Ghana Cocoa Board must account for the $1.3 billion Cocoa Syndicated loan it took in 2022.
According to him, before the new $800 million that is expected this year is approved, the COCOBOD must give proper accounts.
According to him, COCOBOD has been saddled with gross mismanagement over the years.
“What we do is that before we approve the new facility, they have to convince us as to how they used the previous one. And probably, it is one of the reasons they haven’t been able to bring the facility to us, why they are. We’ve heard of the GH¢800 million arrangements, but it hasn’t come to parliament yet.
“When it comes, they must be answerable for how they utilized the first facility they took, the GH¢1.3 billion. And if we are not convinced that that money was used in the best interest of our cocoa farmers and that matter Ghanaians, they will have difficulty getting approval for this one,” he was quoted by citinewsroom.com.
Ghana’s COCOBOA is currently seeking to borrow $400 million from cocoa traders to finance its operations for the 2023/2024 season as the Syndicated loan drags.
Eric Opoku opined that the arrangement is not favourable for the organization as it is already struggling to pay its debts.
“For six continuous years, COCOBOD has been making losses. How can they set aside money to finance their activities? Don’t forget that the loan that we take, we don’t use all the money to buy cocoa. Part of it is used to pay their salary, part of it is used to pay their administrative cost.
“And the Minister for Finance told us that they are using 53% of the total proceeds from cocoa as administrative costs and just something above 40% goes to the farmers. So, you can imagine what is happening. All mismanagement and COCOBOD is now undischarged, insolvent,” he said.
A solemn candlelight protest in Accra honored over 200 Palestinian journalists killed by Israel in…
President of Russia, Vladimir Putin Russian President, Vladimir Putin has said the current crisis in…
Kwesi Pratt Jnr’s Reparations: History, Struggle, Politics and Law is a bold, deeply reasoned, and…
In 1884–1885, European leaders met in Berlin to carve up Africa, a meeting thatwould become…
TO: ALL MEDIA HOUSESDATE: 28TH AUGUST, 2025 THE SOCIALIST MOVEMENT OF GHANA, BIBIANI COLLECTIVE COMDENS…
Kwesi Pratt Jnr. General Secretary of The Socialist Movement of Ghana By Nicholas Mwangi The…
View Comments
Thanks, I have recently been searching for info about this topic for a long time and yours is the greatest I have found out till now. But, what about the bottom line? Are you positive concerning the supply?
I have not checked in here for a while because I thought it was getting boring, but the last several posts are great quality so I guess I will add you back to my daily bloglist. You deserve it my friend :)
Great write-up, I?¦m normal visitor of one?¦s website, maintain up the nice operate, and It is going to be a regular visitor for a lengthy time.
This is the best blog for anyone who wants to find out about this topic. You notice a lot its almost onerous to argue with you (not that I truly would want…HaHa). You positively put a brand new spin on a topic thats been written about for years. Great stuff, simply great!
What Is Aizen Power? Aizen Power is presented as a distinctive dietary supplement with a singular focus on addressing the root cause of smaller phalluses
whoah this blog is great i love reading your articles. Keep up the good paintings! You recognize, lots of people are hunting around for this info, you can aid them greatly.
Good post. I learn one thing tougher on totally different blogs everyday. It's going to always be stimulating to read content material from other writers and apply a little bit something from their store. I’d choose to use some with the content on my weblog whether you don’t mind. Natually I’ll give you a link in your internet blog. Thanks for sharing.
I'm still learning from you, while I'm improving myself. I definitely love reading all that is written on your blog.Keep the information coming. I loved it!
I really like your writing style, wonderful info , appreciate it for putting up : D.
Appreciate it for this rattling post, I am glad I noticed this website on yahoo.