The Ghana Cocoa Board (COCOBOD) has strongly denied allegations that international banks rejected its request for a $1.5 billion loan for the 2024/2025 cocoa crop season. Minority Leader Cassiel Ato Forson had claimed that the loan request was rejected due to COCOBOD’s poor financial health and the decline of the cocoa sector under its current management.
However, COCOBOD has refuted these claims, stating that syndicated banks have submitted term sheets in response to its Request for Proposals (RFP) for consideration. The board emphasized that these transactions have necessitated discussions with financial institutions, and nothing indicates a lack of confidence in its creditworthiness.
COCOBOD described the Minority’s assertion as “false” and clarified that it still has committed contracts that need to be fulfilled through the syndicated process. The board criticized the Minority for issuing a press statement containing numerous “falsehoods, inaccuracies, and misrepresentations” about the current state of the cocoa sector.
COCOBOD denied the Minority’s claim that its decision to source funding domestically is a ‘face-saving’ measure to conceal its financial difficulties. The board described this assertion as “categorically untrue” and emphasized its intention to transition away from syndicated external borrowing.
COCOBOD assured stakeholders that it is committed to securing funding for the cocoa sector and will explore all available options to achieve this goal. The board’s statement aims to set the record straight and reassure stakeholders about its financial health and creditworthiness.
