The Ghana COCOBOD has assured that the 1.3 billion dollar syndicated loan will solely be used for its rightful purpose of purchasing cocoa beans.
This assurance follows earlier assertions by the Board Chairman of COCOBOD, Hackman Owusu Agyeman and the Minister of Agriculture Dr. Owusu Afriyie Akoto on the mismanagement of 1.8 billion dollars syndicated loan meant for this year’s cocoa production season.
Mr Agyeman claimed the money had been exhausted despite outstanding payments yet to be made.
Meanwhile, the General Agricultural Workers Union (GAWU) has also tasked COCOBOD to ensure the loan is used for purchasing cocoa beans while reducing all leakages to ensure smooth and cost-effective operations.
In an interview with Citi Business News Deputy Chief Executive Officer of COCOBOD Dr. Yaw Adu- Ampomah reassured that the syndicated loan will serve its rightful purpose.
“Well it was true that when the new management came we found excesses but then the 1.3 billion that we are collecting, we are going to use it more prudently and ensure that we spend it on what we took it for, that is purchasing cocoa. We need to fine-tune our activities so that it will impact positively on the farmer”, he assured.
The Ghana COCOBOD has signed an agreement with a number of banks to raise 1.3 billion dollars at an interest rate of 0.65% plus libor rate for the 2017/2018 purchase of cocoa beans.
The syndicated loan which was signed in France on Friday (20/09/2017) had 25 banks participating in the transaction.
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By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.