We are not bankrupt - COCOBOD

Ghana Cocoa Board (COCOBOD) has denied reports by the Economy Times that the company is bankrupt. The Economy Times newspaper reported in its Monday edition that the company which is indebted to the Bank of Ghana is bankrupt.

It also reported that the management of COCOBOD is running the company down due to mismanagement. However, COCOBOD has stated that the publication is full of inaccuracies.

Speaking to Citi News, the Public Affairs Manager for COCOBOD; Noah Amenyah said the report is intended to give COCOBOD bad image, but management will not allow such things to pass without reacting.

He explained that “COCOBOD is basically into buying cocoa and COCOBOD would receive money only after we have sold the cocoa...we raise monies through international markets; that is one option and the additional option is the issuance of cocoa bills by the Bank of Ghana so we pay our foreign partners through collateralized cocoa bills; as we sell the cocoa.

And for the bank of Ghana, we pay them after we have redeemed the monies when we sell the cocoa so to say that we owe Bank of Ghana was not the truth because it is just a normal way of working,” he added.