Finance Minister Ken Ofori-Atta has confirmed the establishment of a monitoring desk jointly operated by the Ministry of Finance and the Bank of Ghana (BoG) to oversee the financial matters of the Ghana Cocoa Board (COCOBOD).
The purpose of this initiative is to instill financial discipline in COCOBOD’s expenditure.
COCOBOD, tasked with supervising cocoa production and exports in the country, has been facing substantial annual losses, which the International Monetary Fund (IMF) has identified as a significant threat to both the sector and the government’s fiscal endeavors.
Per reports from JoyNews, the Minister emphasized that the procurement of fertilizers and the construction of cocoa roads will be closely monitored to ensure strict adherence to budgetary constraints.
“Both the Governor of the Central Bank and the Minister of Finance – myself, will now be on the Board and we also setting up a desk at the Finance Ministry that will interact with the finance division of COCOBOD to make sure the issues of fertilizers, cocoa road are all brought into an ambit of discipline. Those begin to tell you how we are getting into the issue of expenditure,” he said.
The Finance Minister is in London for negotiations with the nation’s external creditors, seeking their agreement to a 40 percent reduction in the planned restructuring of Ghana’s $10 billion debt.
A successful outcome of these negotiations would pave the way for the disbursement of the second tranche of the International Monetary Fund (IMF).
Mr. Ofori-Atta expresses his optimism that a favorable agreement will be reached before the year’s end.
“I am sure most people were expecting to be sometime next year but I think we will be able to do it before next year.”
In the meantime, President Akufo-Addo remains hopeful that the Ghanaian economy is on a path to recovery, even in the face of the challenges his administration has encountered.
He points out that inflation, a significant contributing factor, is steadily decreasing, signaling a favorable economic outlook.
As a result, he is confident in achieving a single-digit inflation target before the conclusion of his term in 2024.