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Your claims about $1.3bn syndicated loan are false – COCOBOD replies Akandoh

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Sat, 12 Mar 2022 Source: www.ghanaweb.com

COCOBOD says it can account for syndicated loan

We are on course to paying all farmers – COCOBOD

We don’t know how COCOBOD used syndicated loan – MP


The Ghana Cocoa Board (COCOBOD) has refuted claims by the Juaboso MP, Kwabena Mintah Akandoh that the government can not account for a US$1.3 billion cocoa syndicated loan.

In a statement issued on March 11, 2022, COCOBOD said that as of the end of September 2021 it had obliged with all of its statutory requirements and agreements with its financial partners for the syndicated loan for the 2020/2021 crop season.

“COCOBOD has drawn down US$1.45 billion out of the US$1.5 billion facility procured for the present 2021/2022 season, which has gone into financing the purchase of cocoa and other industry costs.

“Information about payments to LBCS can be verified from the LBCS and COCOBOD, to avoid putting out false information,” the statement added.

It further stated that “COCOBOD is on course to meet all its financial obligations to farmers and the LBCs within the current crop season” and urged the public to reject any information contrary to that.

Meanwhile, Juaboso MP , Mintah Akandoh has accused the government and COCOBOD of not being able to account for the $1.3billion cocoa syndicated loan.

“The disheartening aspect is that they came to parliament to seek the approval for the syndicated loan around 1.3 billion dollars and we approved the money. We were targeting 800 metric tonnes, now we are somewhere around 400 yet we don’t have money to buy cocoa.

“We have asked several times where the money is, and we are not being given any tangible explanation. If you go to my constituency for example, as I speak to you, the farmers may have the cocoa beans but they may not have access to money,” he said.

Read full statement of COCOBOD below:



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Source: www.ghanaweb.com
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