Broadcaster and public affairs analyst Randy Abbey has revealed how syndicated loan delays and poor financial planning plunged Ghana's cocoa sector into a historic crisis, resulting in an estimated loss of $840 million.
Speaking on Hot Issues with Keminni Amanor monitored by MyNewsGH, Abbey explained that COCOBOD's financial missteps during the 2023/2024 season have not only weakened the industry's performance but also severely undercut the earnings of cocoa farmers across the country.
According to Abbey, COCOBOD entered the 2023/2024 cocoa season by seeking a syndicated loan using a conservative pricing benchmark of $2,600 per ton, despite ongoing market volatility and liquidity problems.
But the real crisis emerged when the funds arrived in December 2023-three months after the official opening of the cocoa season. "Licensed Buying Companies couldn't get seed funds to buy cocoa for almost four months.
