COCOA SECTOR COLLAPSING …..Cocoa Syndicated loan diverted, Board Chair and CEO fighting!
The sustainability of the Ghana’s Cocoa sector is highly threatened, as for the first time in the contemporary history of this country, COCOABOD does not have funds available to procure Cocoa beans from farmers and for export, The Horizon has learnt. COCOABOD CEO, Joseph Boahen Aidoo Very reliable sources within COCOABOD reveal that part of the $1.3 billion Cocoa syndicated loan sourced for 2017/2018 crop season purchases had been diverted to fund free SHS hence rendering the entity handicapped, culminating in the difficulty to buy outright produce from farmers. They say due to non-availability of funds, Cocoa farmers across the Cocoa growing areas of the country are being begged to sell their produce on credit. The diversion of the loan, according to The Horizon sources has the tendency to damage COCOABOD’s hard earned reputation and the goodwill always enjoyed in the international financial market as a very credit worthy entity and that likely to bring in its wa