President John Dramani Mahama has assured that his government would fix the economic malaise that had plagued the country over the last few years.
Delivering his maiden address on the state of the nation to Parliament in Accra yesterday, President Mahama said Ghana's economy was in crisis on many fronts, adding that "the state of the nation is not good." According to him, the economy was saddled with staggering debts to the tune of GH¢721 billion with several state-owned enterprises in debt, including the ECG and COCOBOD who owe GH¢68 billion and GH¢32 billion respectively. "Mr Speaker, inspired by the almighty God and propelled by the massive mandate given me by the good people of Ghana, I am moved to make a purposeful and bold declaration that, I, John Dramani Mahama, will fix the economic crisis confronting our country and reset it on a path of growth and prosperity," he said to loud cheers from the majority caucus of the legislative assembly.
He explained that in the 2023/2024 crop season for instance, COCOBOD could not supply 333,767 tonnes of cocoa, which it sold at US$ 2,600 per tonne, resulting in a roll-over into the 2024/2025 cocoa season. "This implies that for every tonne of cocoa delivered this year in fulfilment of the rolled-over contracts, COCOBOD and the Ghanaian farmer would lose US$ 4,000 in revenue," he revealed.
As of yesterday, he said the COCOBOD had supplied 210,000 tonnes out of the rolled-over contract, resulting in a revenue loss of US$840 million for both COCOBOD and the Ghanaian farmer with the farmer expected to lose another US$495 million when the Board finishes supplying the remaining rolled-over contracts.
