Cocoa road contractors meet to re-strategize in pursuit of GHC4 billion COCOBOD debt

Some concerned cocoa road contractors in Ghana are set to converge in an emergency meeting on Wednesday, December 6, 2023, in Accra.

The primary focus of this critical assembly is to deliberate and re-strategize on addressing the persistent challenge of delayed payments amounting to GHC4 billion debt by COCOBOD.

This urgent meeting follows numerous attempts by the contractors to seek resolution, including formal petitions submitted on March 4, 2023, to the Speaker of Parliament, Alban Bagbin.

Expressing deep concerns about COCOBOD’s lax approach in settling interim certificates of work done, the contractors highlighted the accumulation of a substantial debt over the past three years.

On August 8, 2022, the contractors demanded prompt payment of the debt with a 21-day ultimatum but intervention by the Ghana Chamber of Contractors temporarily eased the situation.

However, by December 23, 2022, only a modest 5% to 10% of the outstanding debts were settled, with assurances that the remainder would be paid in full by February 2023.

Regrettably, no further payments have been received as of the current date.

The forthcoming meeting is deemed a crucial juncture for the contractors to articulate their concerns, collectively strategize, and fortify a unified front in pursuit of justice.

They stressed that the mounting debt is not only jeopardizing their businesses but also affecting their families, with reports of bankers pursuing them and confiscating assets to offset loan defaults.