The Minister of Finance, Dr. Mohammed Amin Adam, has refuted recent assertions made by the Ghana Cocoa Board (COCOBOD) regarding the self-financing of the upcoming 2024/2025 cocoa crop season.
Speaking during the monthly economic updates in Accra on Thursday, Dr. Adam clarified that the government will seek external funding to support the cocoa sector, contradicting COCOBOD’s earlier claims.
COCOBOD had previously announced plans to transition to self-financing for the 2024/2025 crop season, which begins in September 2024. According to COCOBOD’s Chief Executive Officer, Joseph Boahen Aidoo, this move was expected to save the nation approximately $150 million.
However, Dr. Adam stated that instead of relying solely on self-financing, the government will pursue syndicated loans and other financial instruments to secure the necessary funds for the season. He emphasized, “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.”
