Bright Simons responds to UBA Ghana over '$4.33 million for cocoa purchase' assertion

Vice President of IMANI Africa, Bright Simons has insisted that the United Bank of Africa [Ghana] indeed participated in the cocoa syndication program of COCOBOD after it pledged to pay an amount of $4.33 million for cocoa purchases in 2022.

This comes after UBA Ghana dismissed the assertion by describing it as ‘categorically false’ while adding that it had not participated in any of COCOBOD's cocoa syndication projects.

"UBA Ghana wishes to clarify that it has not participated in any of COCOBOD's cocoa syndication projects, as insinuated in the publication. Therefore, any suggestion that the bank made a promise it does not intend to honor in relation to a cocoa syndication project is categorically false. Besides, since when did a promissory note become a contract for loan if that is the assertion?,” the Bank earlier said in a response on December 13, 2023.

In a rejoinder to the response by UBA Ghana, Bright Simons insisted on his claim and shared documentary evidence to the effect that the Bank had allegedly participated in the cocoa syndication program of COCOBOD while stating, “categorically that UBA is being disingenuous in their response.”

“We have documentary evidence that UBA participated in the 2022 Cocobod syndication program by way of the accordion provision but did not eventually pay up,” the IMANI Vice president insisted.

“From the documentary evidence available to us, UBA did enter the syndicated program after it had closed but subsequently refused or was unable to disburse. We also have evidence of Cocobod management claiming to have instructed the relevant department to consider triggering the lender default provision,” the rejoinder read in part.

“The importance of this whole affair is in relation to Cocobod's ongoing creditworthiness challenges,” it concluded.

See the document shared by Bright Simons in his rejoinder below:

pic.twitter.com/onf04mobGm

— Bright Simons (@BBSimons) December 13, 2023

Ref:https://t.co/P4SZrK09HK pic.twitter.com/Widl8LwWGq

— Bright Simons (@BBSimons) December 13, 2023