Business

COCOBOD Discredits Akandoh’s $1.3B Syndicated Loan Assertion

The Ghana Cocoa Board (COCOBOD) has discredited a report by the Juaboso Member of Parliament, Kwabena Mintah Akandoh, that the institution is unable to account for some 1.3 billion dollars syndicated loan for the 2020/2021 crop season.

The cocoa price-fixing institution in a statement indicated that it has, contrary to the allegation, met all its statutory requirements and agreements with its financial partners in accounting for the loan.

“Contrary to the assertions of the MP for Juaboso, Kwabena Mintah Akandoh, COCOBOD has met all its statutory requirements and agreements with its financial partners in accounting for the syndicated loan for the 2020/2021 crop season which closed last September”, a portion of the statement read.

Additionally, it said COCOBOD has succeeded in drawing down $1.45 billion out of the 1.5 billion facilities procured for the present season.

The amount has gone into financing the purchase of cocoa and other industry costs.

It stated that “information about the payment to the LBCs can be verified from the LBCs and COCOBOD, to avoid putting out false information”.

It noted that the institution is on course to meet all its financial obligations to farmers and LBCs within the current crop season.

Source: opemsuo.com/Hajara Fuseini

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