COCOBOD is on the verge of collapse – Minority

According to the minority, COCOBOD is on the verge of collapse due to indebtedness to banks

The minority in parliament has claimed that the Ghana Cocoa Board (COCOBOD) is on the verge of collapse.

The minority has attributed its claim to the considerable indebtedness of COCOBOD to banks.

It said COCOBOD’s 2024 budget anticipates a substantial loss of 2.6 billion Ghana cedis, heightening fears of potential defaults on loan payments.

The Minority Spokesperson on the Food, Agriculture, and Cocoa Affairs Committee of Parliament, Mr. Eric Opoku said “Do you know in this country COCOBOD is in distress? Is it choked by debts? COCOBOD has been taking loans from the banks and they are unable to pay?”

He also refuted assertions by President Akufo-Addo that rice importation into Ghana decreased between 2021 and 2023 when he delivered the State of the Nation address.

“The President created the erroneous impression that importation of rice in Ghana has been on the decline. That is not true.”

He added that 35,000 employees of the Produce Buying Company (PBC) are now unemployed due to the collapse of the firm.