Minority warns of COCOBOD’s collapse over huge debts, challenges President on rice imports

Minority warns of COCOBOD’s collapse over huge debts, challenges President on rice imports
Minority warns of COCOBOD’s collapse over huge debts, challenges President on rice imports

Business News of Sunday, 3 March 2024

Source: www.ghanaweb.com

2024-03-03

Minority member, Eric Opoku

The Minority in Parliament has expressed worry over the possible collapse of the Ghana Cocoa Board (COCOBOD) due to its heavy debts to banks.

According to the Minority, COCOBOD’s 2024 budget projects a massive loss of GH¢2.6 billion, raising the risk of loan defaults.

The Minority Spokesperson on the Food, Agriculture, and Cocoa Affairs Committee of Parliament, Eric Opoku, shared his concerns about COCOBOD’s financial woes in an interview with Citi News, after President Nana Akufo-Addo’s State of the Nation Address earlier this week.

“Do you know that in this country, COCOBOD is in distress? It’s choked by debt! COCOBOD has been taking loans from the banks and they are unable to pay,” he said.

He also disputed President Akufo-Addo’s claim that rice imports in Ghana decreased between 2021 and 2023.

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

He added that workers were also suffering, as about 35,000 workers of the Produce Buying Company (PBC) have lost their jobs due to the company’s collapse.

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