The Minister for Food and Agriculture, Eric Opoku, has alleged that the Ghana Cocoa Board (COCOBOD) left behind a rollover debt of 330,000 tonnes under the previous New Patriotic Party (NPP) administration.
Speaking in an interview on Ekosii Sen on Asempa FM, Mr. Opoku said documents from COCOBOD’s transition report indicate that the previous management engaged in forward sales of about 700,000 tonnes of cocoa but failed to meet the target.
He further claimed that COCOBOD borrowed GH¢8.1 billion from commercial banks through the Bank of Ghana using cocoa bills but was unable to repay the amount, resulting in its inclusion in the Domestic Debt Exchange Programme (DDEP).
According to the Minister, he has copies of the relevant documents and insisted that no NPP communicator would be able to challenge the figures if they were made public.
Mr. Opoku said the financial position inherited has made it extremely difficult for the government to intervene decisively in the cocoa sector.
“During the NPP administration, they borrowed GH¢8.1 billion from commercial banks using cocoa bills through the Bank of Ghana. COCOBOD was unable to repay this amount, and it was subsequently added to the Debt Exchange Programme (DDEP). Additionally, there was a forward sale of approximately 700,000 tonnes of cocoa, but this target was not met, leading to a rollover debt of 330,000 tonnes.
“I have copies of the relevant documents, and no one can challenge me on this; it is the truth. Given these circumstances, it is extremely difficult for the government to intervene,” he said.
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