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The Ghana Cocoa Board (COCOBOD) has responded to claims of consistent default on its loans, clarifying its financial obligations and repayment status.
According to COCOBOD, as of December 31, 2022, its total debt to the Bank of Ghana stood at GH¢8.24 billion.
This includes a GHS1.99 billion 10-year loan facility and an overdrawn Cocoa Bills Retirement Account amounting to GH¢6.86 billion.
COCOBOD explained that, the GH¢1.99 billion loan, arranged in 2013, was intended to address cumulative cocoa bills from the 2010/2011 season, with an extended moratorium until 2018 due to cash flow challenges exacerbated by low cocoa prices during the COVID-19 pandemic.
Despite some delays in principal repayments, COCOBOD has consistently serviced the interest and has arranged a revised repayment schedule to begin in October 2024. The Board further categorically denied any default on this facility.
Credit: myjoyonline.com
