In a strategic move aimed at enhancing the economic benefits for cocoa farmers and bolstering the nation’s economy, the Ghana Cocoa Board (COCOBOD) recently announced its decision to halt the practice of accessing syndicated loans from foreign banks in favor of domestic financing for the cocoa sector. Apexnewsgh reports
The Chief Executive of COCOBOD, Joseph Aidoo, emphasized that this shift was part of a broader vision to increase value for Ghanaian cocoa farmers while concurrently optimizing the advantages of cocoa to the local economy. Responding to claims by the Minority in parliament suggesting that COCOBOD had been sidelined from international loan markets, Aidoo dismissed such assertions as false and misleading.
Aidoo clarified, “International banks did not reject COCOBOD’s request; in fact, they responded with term sheets following our Request for Proposals (RFP). Our decision to explore non-syndicated funding is a strategic move to enhance financial diversification, fostering self-reliance within the Board for sustained growth and improved benefits to farmers, ultimately retaining more value in the Ghanaian economy.”
Contrary to criticism from the Minority Leader, Dr. Cassiel Ato-Forson, who insinuated that COCOBOD’s policy shift indicated its financial inadequacy, COCOBOD reaffirmed that it was a deliberate, forward-thinking measure. Dismissing claims of being deemed unfit for credit, COCOBOD categorically refuted such allegations.
With this new direction, COCOBOD expressed confidence in its progressive policy, declaring it as a “forward-thinking strategy” that would not only fortify and expand the cocoa industry but also establish a sustainable framework for its future growth and prosperity.
Press Release on Strategic Policy Shift – 22_08_2024
