The Minister of Finance, Dr Mohammed Amin Adam, has contradicted recent claims made by the Ghana Cocoa Board (COCOBOD) concerning the self-financing of the upcoming 2024/2025 crop season.
During the monthly economic updates in Accra on Thursday, Dr Adam clarified that the government will indeed seek external funding to support the cocoa sector, contrary to COCOBOD’s earlier statements.
COCOBOD had previously announced plans to transition to self-financing for the 2024/2025 cocoa crop season, which begins in September 2024.
According to COCOBOD’s Chief Executive Officer, Joseph Boahen Aidoo, this shift was expected to save approximately $150 million.
However, Dr. Adam indicated that the government will instead depend on syndicated loans and other financial instruments to secure the necessary funds for the season.
He noted, “I want to take this opportunity to clarify that as part of measures to improve the financial viability of COCOBOD, the government for the 2024/2025 crop season will be sourcing funds through the syndication process and other alternative sources.”
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