Debts owed by ‘Akuafo Adamfo’ cleared – COCOBOD

COCOBOD says it has retrieved all outstanding debts owed it by one of its Licensed Buying Companies (LBC), Akuafo Adamfo.

COCOBOD first made the claim in response to queries from the Public Accounts Committee of Parliament.

But the company maintains that the guarantees provided by local banks in granting credit to its buyers, have helped it to retrieve its debts.

Speaking on the Citi FM on Tuesday, the Public Affairs Manager of COCOBOD, Noah Amenyah further stated that payments were concluded in the 2014/2015 crop season.

“We get bank guarantees before we give out the seed funds and this is what exactly that Akuafo Adamfo did and since they could not pay their debts, COCOBOD relied on the bank guarantees hence all the debts by Akuafo Adamfo have totally been retrieved,” he stated.

However it was not engaged in the 2015/2016 crop season over concerns that it breached the conditions under the internal marketing of cocoa as they could not purchase from the seed funds they were granted.

The Finatrade Group of companies, including AkuafoAdamfo owed over twenty banks to the tune of more than Ghc1 billion Ghana cedis.