International Banks Haven’t Shut Doors on Ghana’s COCOBOD – Afenyo-Markin Debunks Claims

Majority Leader Alexander Afenyo-Markin has debunked claims that international banks have shut their doors on Ghana’s COCOBOD following allegations that it was rejected by international banks in its quest to secure a $1.5 billion loan for the 2024/2025 cocoa crop season.

“It is not true that the international banks have shut their doors on Ghana COCOBOD,” he clarified.

Minority Leader Cassiel Ato Forson had alleged that the loan request failed to attract interest from international banks due to COCOBOD’s poor financial health and the reported decline of the cocoa sector under its current management, a matter he raised while delivering an opening address at the first sitting of the extraordinary meeting of Parliament.

“As we speak, Mr. Speaker, COCOBOD has been shut out from borrowing from the international market. This is the first time in thirty-two years that, up to September, Ghana COCOBOD has not been able to present a loan agreement for a syndicated purpose to this House.”

Dr Forson also claimed that the banks are avoiding COCOBOD because the cocoa sector is on its last legs.

“Mr. Speaker, today, the prevailing price in the world market and the exchange rate means that COCOBOD will be selling one bag of cocoa at nine thousand, seven hundred Ghana Cedis in the international market. The cocoa farmer cannot be paid less than six thousand old Ghana Cedis per bag. The payment of six thousand Ghana Cedis per bag is critical because the farmers deserve the benefit of their hard labour,” the Minority Leader added.

However, the Majority Leader, debunking the claim in his opening remarks, urged the House to be patient with COCOBOD as they introduce their hybrid system of financing.

“Mr. Speaker, let us patiently wait on COCOBOD as they introduce their hybrid system of financing to us as a House,” he called.

Afenyo-Markin also advised that honourable members remain optimistic and encourage the cocoa sector to succeed.

“Mr. Speaker, time will tell if COCOBOD has collapsed or not, but it is important as parliamentarians that we remain optimistic and encourage the cocoa sector to be successful,” he added.

Nonetheless, the Majority Leader emphasized that the House has programmed the extraordinary meeting to consider a number of committee reports, including the Reports of the Appointments Committee on the President’s nomination of Justices to the Supreme Court, as well as several requests for waiver of taxes and other levies for beneficiary companies under the Government’s One District One Factory Programme.

“A number of motions, including loan agreements, have also been programmed for the consideration of the House, including the Financing Agreement between the Government of Ghana and the International Development Association (IDA) for the Ghana Energy Sector Recovery Programme (ESRP),” he explained.

“I appreciate the toll this will have on members as well as its impact on your campaign drives. However, I know that Honorable Members are committed to their constitutional mandate, and as such, I appreciate the time and dedication to the business of the House, which will ultimately improve the economic and living conditions of the good people we represent,” he said.

Source:newsalertgh.com