COCOBOD reveals how Mahama spent US$400m cocoa loan after defeat

The Chief Executive Officer of the Ghana Cocoa Board, Joseph Boahen Aidoo, has accused former President John Mahama for withdrawing and spending US$400m out of the $1.8 billon cocoa syndicated loan for the 2016/2017 crop season, after losing the 2016 general elections.

According to him, the money was withdrawn between December 20, 2016 and January 2017.

Speaking at a press conference to respond to allegations of mismanagement of COCOBOD by the Minority in Parliament, Mr. Boahen Aidoo, said the erstwhile administration of COCOBOD led by Mr. Stephen Opuni, rather misappropriated millions of cocoa funds on frivolous activities.

He said "The NDC government secured an amount of US$1.8 billion for the 2016/2017 cocoa purchases which were projected at 850,000 metric tonnes.

"As of January 2017, the US$1.8 billion had been fully drawn and utilised when only 587,125 metric tonnes of cocoa had been purchased. The mystery surrounding the exhaustion of the US$1.8 billion is being investigated and the full facts will be made known to Ghanaians in due course. Peculiar to the loan utilisation is the last drawdown of US$400.0 million which was effected on 20th December 2016 at the time the NDC had woefully lost the December 2016 elections."

"It is still surprising how the full drawdown of US$400.00 million (GH¢1.69 billion) was fully expended between 20th December 2016 and 6th January 2017 when the NPP government took over after 7th January 2017. Audit findings into the utilisation of the amount will be made known to Ghanaians at the appropriate time when the full facts are unravelled," he said.

He has also revealed that the Economic and Organized Crime Office (EOCO) is currently investigating all financial malfeasance during the tenure of former CEO Dr. Stephen Opuni.