Parliament approves US$800m syndicated loan for COCOBOD
Dr. Bryan Acheampong, Minister of Food and Agriculture, has linked the institution’s road projects and loan repayments related to the Bui Dam’s construction to the ongoing losses reported by COCOBOD. Since 2017, COCOBOD has been losing money, which is why the IMF ordered the government to create a plan to stem the institution’s bleeding. Bryan…
Dr. Bryan Acheampong, Minister of Food and Agriculture, has linked the institution’s road projects and loan repayments related to the Bui Dam’s construction to the ongoing losses reported by COCOBOD.
Since 2017, COCOBOD has been losing money, which is why the IMF ordered the government to create a plan to stem the institution’s bleeding.
Bryan Acheampong said COCOBOD has improved during the acceptance of a $800 million syndicated loan for the procurement of cocoa beans for the 2023–2024 growing season.
The ranking member of the Committee on Food and Agriculture, Eric Opoku, disagreed with the minister’s claims and stated as much.
He claims that careless spending and poor management are the only things to blame for COCOBOD’s losses.
The Asunafo South MP went on to say that the minister’s claim is untenable because the government anticipates losing an additional 2.6 billion cedis in the 2024 budget.
In the midst of the crisis, he questioned why COCOBOD is spending more than 300 million cedis on solar lighting for farmers.
Due of the significant losses COCOBOD is reporting, minority leader Dr. Cassiel Ato Forson urged parliament to pay close attention to events there.
Even if he disagrees with the minority’s conclusion, majority leader Osei Kyei-Mensah-Bonsu acknowledged that parliament’s committees can investigate events at COCOBOD.
The house subsequently approved the $800 million facility for the institution.
![KNUST lecturers engage in football match [Photos]](https://ghbreakingnews.com/wp-content/uploads/2023/05/image-31-1024x768-1-768x576.png)
