COCOBOD explains GH¢4 billion outstanding payments to cocoa buyers

The Ghana Cocoa Board (COCOBOD) has confirmed that it owes licensed cocoa buying companies but said the outstanding payments are part of the normal post-season process and should not be interpreted as a failure to meet its financial commitments. The clarification comes after the Chamber of Cocoa Marketers Ghana disclosed that licensed cocoa buying companies are owed an estimated GH¢4 billion by COCOBOD. The Chamber has expressed concern that the unpaid funds could make it difficult for the companies to raise the financing needed to purchase cocoa during the new season. GRA targets GH¢260 billion revenue by 2028 However, COCOBOD’s Head of Public Affairs, Jerome Kwaku Sam, explained that payments to licensed buying companies can remain outstanding after a cocoa season ends. Speaking on CitiNews on Tuesday, September 15, he stated that the previous cocoa season ended only about a month and a half ago, making it possible for some payments to still be pending. “So if the season ended just about a month and a half ago, it is only reasonable, logical, that there possibly could be some outstanding amounts that COCOBOD would have to make to the licensed buying companies or the chamber,” he said. He explained that licensed buying companies first purchase cocoa on behalf of COCOBOD and later present Cocoa Takeover Receipts (CTORs) to the Board for payment. According to him, COCOBOD chose to prioritise cocoa farmers before clearing payments owed to licensed buying companies. He said the decision was based on the importance of farmers, who cultivate and supply the cocoa beans that sustain the sector. “Between these two stakeholders, we thought that prioritizing the cocoa farmer who does the cultivation and who makes available the beans for us to give in purchase and sell ought to be prioritised,” he said. He also disclosed that COCOBOD is preparing to meet with the licensed buying companies and the Chamber to resolve the outstanding payments. “Plans are far advanced to meet with the licensed buying companies or the chamber to iron out all outstanding payments that we have,” he said. President Mahama pushes salary-based car loans to help Ghanaians buy local cars He added that the situation has also been influenced by COCOBOD’s shift from its previous financing model to a new funding arrangement, a process that has required consultations with relevant stakeholders. He maintained that the existence of outstanding balances is not a new occurrence, explaining that similar amounts have been carried over by licensed buying companies from one cocoa season to another. DR/MA Zonda Tec Assembly Plant to Produce 12,000 Vehicles Annually, Create 800 Jobs – CEO Source: www.ghanaweb.com
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