COCOBOD signs a loan of US $ 1.3 billion to buy cocoa beans next season

Business news for Tuesday, September 29, 2020

Source: FM class

2020-09-29

The Ghana Cocoa Board (COCOBOD) has signed a $ 1.3 billion syndicated loan agreement for the purchase of cocoa beans in the 2020/2021 harvest season.

COCOBOD Chief Executive Officer (CEO) Mr. Joseph Aidoo explained that Ghana would receive the money when the deal is signed, adding that cocoa farmers are assured of receiving physical cash at all agent outlets. hired by COCOBOD nationwide when the season opens in October 2020.

The loan agreement was signed on Tuesday, September 29, 2020.

Mr. Aidoo, in an interview with Kwabena Ahwireng Martin of Hot / Fox FM, explained that a sector of people, especially the opposition National Democratic Congress (NDC), opined that “due to the outbreak of the COVID-19 pandemic, there would be no no means for COCOBOD to obtain or receive money to buy cocoa beans from farmers for the 2020/2021 season ”.

“But due to the hard work of this government, led by President Akufo-Addo and the management of COCOBOD, and how solvent COCOBOD is, finally, the agreement was signed today and the money would be received before the start of the season”, He said.

He further explained that COCOBOD anticipates an increase of around 900,000 metric tons in Ghana’s cocoa production.

According to him, the boost will replace the record high of around 800,000 metric tons.

Mr. Aidoo expressed optimism that the measures implemented by the government, along with the scientific approach taken by farmers in growing the crop, will lead to higher yields.

He mentioned some of those interventions such as the regular pruning of cacao trees, which allows them to bear more fruit, and the government’s decision to deliver fertilizers to farmers directly.

These, he said, will also help increase cocoa yield in the 2020/2021 season, which is expected to start on October 1, 2020 and end on September 30, 2021.

Furthermore, Mr. Aidoo stressed the need for the country to generate its own funds to buy cocoa beans from farmers to reduce the high interest rate on loans.