The Ghana COCOBOD has introduced that it’s going to not for the primary time in three a long time elevate cash by means of offshore syndicated mortgage to finance the acquisition of cocoa beans for the 2024/2025 crop season.
Focusing on about 650,000 metric tonnes of cocoa beans for the season, COCOBOD mentioned will probably be in a position to finance the acquisition from its inside operations.
Talking at a press briefing, Chief Govt, Joseph Boahen Aidoo mentioned there may be an elaborate plan to wean COCOBOD off loans with excessive rate of interest from offshore lenders.
He emphasised that it’s not financially prudent for COCOBOD to proceed counting on loans from worldwide banks, when it has the capability to straight elevate cash from the nation at a comparatively cheaper price to purchase the beans.
“For the primary time within the historical past of Ghana COCOBOD, we need to wean COCOBOD off from offshore syndication. We need to be self-financing. Since 1992 COCOBOD has been going offshore to borrow from a consortium of banks. It’s a good time to study our classes”.
Mr. Boahen Aidoo insisted that COCOBOD can self-finance its operations and purchases, offering all of the proceeds it can accrue to the federal government of Ghana for different developmental tasks.
“Within the earlier yr, COCOBOD has paid curiosity of greater than US$150 million. That cash may have been used for different issues within the nation”, he mentioned.
Defending the choice, he burdened that transfer has obtained all of the help of main stakeholders within the sector to make the farmer the final word beneficiary within the worth chain.
“We’ve at all times being looking for the curiosity of the farmer. The farmer is crucial particular person. Ghana and Ivory Coast pushed for the Dwelling Earnings Differential of 400 {dollars} per tonne for the farmer”, he recalled.
In the meantime Mr. Boahen Aidoo introduced that the 2024/2025 crop season will begin from 1st September this yr.