In his bid to transform Ghana's economy, Alan Kyerematen, the presidential candidate of the Movement for Change, has announced his commitment to abolishing the longstanding cocoa syndicated loan scheme, which has relied on borrowing in dollars to pay farmers in cedis.
He explained that this system has directly harmed farmers due to currency depreciation. "The current system forces the government to borrow about $2 billion annually under the guise of helping cocoa farmers, yet pays them in cedis.
This discrepancy shortchanges farmers as our currency loses value, causing their earnings to be used to service growing debts," he said.
To replace this system which he described as flawed, Mr.