International Banks have rejected COCOBOD’s loan request to purchase cocoa for 2024/25 crop season – Minority
Published:
3 months ago
Source:
3News
Joseph Boahen Aidoo is the CEO of Ghana Cocoa Board
The Minority in Parliament has raised concerns over COCOBOD's financial health, claiming that international banks have rejected the organisation's request for a loan to purchase cocoa for the 2024/2025 crop season. According to the Minority, this development is a significant indicator of the declining confidence that global financial institutions have in COCOBOD under its current Management. The Minority, in a statement signed by its leader, Dr Cassiel Ato Forson, argued that the refusal of the loan request highlights the mismanagement and poor financial decisions that have plagued COCOBOD in recent years. They noted that COCOBOD has traditionally relied on offshore syndicated loans to finance the purchase of cocoa beans, but the rejection by international banks this time around points to a loss of trust in the organisation's ability to manage its finances effectively. The Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo recently announced that, for the first time in three decades, the organisation will not secure offshore syndicated loans to finance the purchase of cocoa beans for the 2024/2025 crop season.