The Minister of Finance, Dr. Mohammed Amin Adam, has refuted recent claims made by the Ghana Cocoa Board (COCOBOD) about financing the 2024/2025 cocoa season independently.
Dr. Adam stated that contrary to COCOBOD’s reports, the government plans to seek external funding to back the sector.
In the monthly economic briefing held in Accra on Thursday, August 29, 2024, Dr. Adam explained that the government will rely on syndicated loans and other financial resources rather than shifting to self-financing, as previously suggested by COCOBOD.
“I want to take this opportunity to clarify that as part of measures to improve the financial viability of COCOBOD, the government for the 2024/2025 crop season will be sourcing funds through the syndication process and other alternative sources,” Dr. Amin Adam stated.
COCOBOD had earlier revealed plans to self-finance the upcoming cocoa season, starting in September 2024, with the aim of saving approximately US$150 million.
The board’s Chief Executive Officer, Joseph Boahen Aidoo, had championed this shift as a cost-saving measure.
Dr. Amin Adam’s comments suggest a continued reliance on external funding to support Ghana’s pivotal cocoa sector.