Finance Minister Dr. Mohammed Amin Adam has contradicted recent claims by the Ghana Cocoa Board (COCOBOD) regarding it’s funding strategy for the upcoming 2024/2025 cocoa crop season.
During the monthly economic update in Accra on Thursday, August 29, 2024, Dr. Adam clarified that the government will indeed seek external funding to support the cocoa sector, despite COCOBOD’s earlier statements suggesting otherwise.
“I want to take this opportunity to clarify that as part of measures to improve the financial viability of COCOBOD, the government for the 2024/2025 crop season will be sourcing funds through the syndication process and other alternative sources,” he said.
COCOBOD had previously announced plans to transition to a self-financing model for the 2024/2025 season, which begins in September 2024.
According to COCOBOD’s CEO, Joseph Boahen Aidoo, this move was expected to save approximately $150 million.
However, Dr. Adam emphasized that the government will instead rely on syndicated loans and other financial instruments to secure the necessary funds for the season.