US$2.62b loan shows confidence in COCOBOD leadership

A consortium of 23 foreign banks has demonstrated its confidence in the leadership of Ghana COCOBOD by raising a whopping US$2.62 billion loan for the next season but COCOBOD only settled for US$1.8 billion and got it at a mouth-watering rate of 1.1905%.

COCOBOD boss, Dr. Stephen Opuni, who last Friday signed for the US$1.8 billion loan agreement in Paris – France, and also received an award on behalf of COCOBOD which had been rated by the 23 prestigious banks as one of the most credible and reliable borrowers in Africa.

The management of the COCOBOD, despite the shortfall in production had paid last year's 1.7 billion USD loan to the banks leading to the financial institutions making available more cash to the board but it turned it down.

This comes at a time, the board is about raising 60 million hybrid seedlings to be distributed free of charge across Cocoa farmers in the country.

It is hoped that more people will be motivated to go into Cocoa farming, especially the young men and women.

Farmers with abandoned and overaged Cocoa farms will be motivated to cut their farms and replant because they know they will have access to the hybrid planting material.

Since November last year till now, COCOBOD under the leadership of Dr. Opuni, have raised 50 million hybrid Cocoa seedlings. This came from increases in the number of nursery sites - from the existing 27 to 87 nursery sites - in the various Cocoa growing communities to raise the 50 million seedlings.

This means that the seedlings are at the doorstep of Cocoa farmers across the country. The 60 million hybrid seedling is equivalent to 50, 000 hectares of Cocoa farm annually. Amazingly, Ivory Coast started this about 20 years ago, for their Cocoa farmers.

Ghana has over 40% of Cocoa farms which are over-aged- between 30 and 60 years.

One can understand why Ivory Coast has a bigger yield. They have between 5 and 15 years larger hectares of Cocoa farms which bring the country bigger yield.

The new programme of free hybrid seedlings to farmers is expected to motivate farmers to cut and replant their overaged and abandoned Cocoa farms. New farms will be cultivated and young men and women will be encouraged to go into Cocoa farming because it is a lucrative agricultural venture.

The leadership of COCOBOD is confident the Ghana Cocoa industry has a bright future with this programme stating "Cocoa is Ghana and Ghana is Cocoa".

In a short interaction with The Herald, Dr. Opuni stated "It's not late. If we continue and sustain this for another 5 to 10 years, and we support farmers pay attention to food crop cultivation, we can transform Ghana within 5 years".

"Since November last year, we employed 4000 casual labourers living in the Cocoa growing communities to work at the nursery sites. Most of them will eventually develop interest in Cocoa farming because they will see farmers coming for the hybrid seedlings free of charge", Dr. Opuni disclosed to The Herald.

He added that "this year, increasing the nursery sites to 100, will mean employing 4800 casual labourers to raise 60 million hybrid seedlings free of charge for Cocoa farmers".

Dr. Opuni has already increased the Cocoa nursery sites in Volta Region already seeking to revamp cocoa farms in the region.

Already, there has been free insecticide distribution across the country. Cocoa scholarship to wards of farmers has been reviewed and enhanced. Free fertilisers are also on distribution to the farmers.