Missing cash causes COCOBOD to borrow from BoG

COCOBOD has contracted a loan from the Bank of Ghana (BoG) after proceeds from last year’s syndicated loan were squandered on other non-core activities on the board.

According to Accra-based Citi FM, COCOBOD contracted a 200 million dollar loan from BoG at an interest rate of about 22 percent.

The loan is to help the COCOBOD purchase cocoa beans from farmers.

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Ghana raised 1.8 billion dollars in a syndicated loan last year to pay for cocoa beans in the 2016/2017 crop season at a rate of about 1.5 percent.

However, according to the Chairman of the Ghana COCOBOD, Hackman Owusu-Agyeman, the US$1.8 billion Cocoa Syndicated Loan was exhausted even though there were outstanding payments to be made.

COCOBOD, therefore, had to raise an additional fund of 200 million dollars through the Bank of Ghana at an interest rate of 22 percent.

According to the board, it raised the money in May this year to pay Produce Buying Companies.

Dr Opuni’s Tenure

The Economic and Organized Crimes Office (EOCO) froze the assets and accounts of a former Chief Executive Officer of COCOBOD, Dr Stephen Opuni in February 2017.

They did this for what was described as rots under his administration.