Business News of Saturday, 18 November 2023
Source: www.ghanaweb.live
2023-11-18Parliament approves $800 million loan agreement for COCOBOD
play videoFile photo | Parliament of Ghana
The Parliament of Ghana has approved an $800m loan agreement between the Ghana Cocoa Board (COCOBOD) and a group of banks and financial institutions.
This approval is to help COCOBOD purchase about 47 percent of its projected cocoa beans for the 2023/2024 crop season.
Meanwhile, the Minority Leader in Parliament, Dr.
Read full articleCassiel Ato Forson, on the floor of the House explained that he was only approving the COCOBOD loan because of the impoverished cocoa farmers.
He explained that he cannot fathom the concurrent losses the COCOBOD has been succumbing to over the years.
He stressed that COCOBOD is being mismanaged and needs national attention.
“Mr. Speaker, COCOBOD needs some attention. They need some national attention. And I am not saying this because my brother Bryan has become a minister. You just became a Minister of Agriculture for cocoa but Mr. Speaker, the truth is that loan, as I sit here, I’m approving it because of the farmer. Other than that, this is a matter that we should have rejected. We should have rejected it and then get COCOBOD to do some due diligence in the way they are managing Ghana Cocoa Board,” he said.
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