- Finance Minister rejects COCOBOD's self-financing plan.
- Government to seek external funding for cocoa season.
- COCOBOD's plan aimed to save $150 million.
- Government's approach may impact cocoa season plans.
The Minister of Finance, Dr. Mohammed Amin Adam, has contradicted claims made by the Ghana Cocoa Board (COCOBOD) regarding self-financing for the 2024/2025 cocoa season.
During the monthly economic updates in Accra, Dr. Adam clarified that the government will seek external funding to support the cocoa sector.
This statement contradicts COCOBOD’s earlier announcement to transition to self-financing for the upcoming cocoa crop season.
COCOBOD had planned to save approximately $150 million by self-financing the 2024/2025 crop season, which begins in September 2024.
However, Dr. Adam indicated that the government will instead depend on syndicated loans and other financial instruments to secure necessary funds.
He emphasized that the government will explore alternative sources to ensure the cocoa sector receives adequate funding.
Dr. Adam’s statement aims to clarify the government’s position on COCOBOD’s financing plans.
The Minister’s announcement may impact COCOBOD’s earlier projections and plans for the upcoming cocoa season.
The government’s decision to seek external funding may provide additional financial support to the cocoa sector.
Dr. Adam’s clarification provides insight into the government’s strategy for supporting the cocoa industry in the upcoming season.
