Home / BUSINESS / We’ve accounted for $1.3bn cocoa syndicated loan; ignore contrary claims – COCOBOD

We’ve accounted for $1.3bn cocoa syndicated loan; ignore contrary claims – COCOBOD

The Ghana Cocoa Board (COCOBOD) has denied claims that it is unable to account for the $1.3 billion cocoa syndicated loan for the 2020/2021 crop season.

The Member of Parliament for Juaboso, Kwabena Mintah Akandoh, on Thursday asserted that COCOBOD has failed to give a tangible explanation about the whereabouts of the fund, which was to be used to purchase about 900,000 tonnes of cocoa beans in the 2020/2021 crop season.

But the Board, in a statement, clarified that it has “met all its statutory requirements and agreements with its financial partners in accounting for the syndicated loan for the crop season which closed in September 2021”.

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

The public is being urged to disregard the false claims by the Juaboso MP “as COCOBOD is on course to meet all its financial obligations to farmers and the LBCs within the current crop season”.

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