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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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We’ll settle debts to LBCs in the coming weeks – COCOBOD

byBobbie Osei
February 4, 2021
in Agribusiness, Agriculture, News, Top Stories
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The Public Affairs Manager of the Ghana Cocoa Board (COCOBOD), Fiifi Boafo has assured that his outfit will in a few weeks secure about $200 million dollars to settle the arrears owed some License Buying Companies (LBCs) and farmers across the country.

This follows yesterday’s summoning of the CEO of COCOBOD, Joseph Boahen Aidoo by the First Deputy Speaker of Parliament, Joseph Osei Owusu, over concerns raised by MP for Buem, Kofi Adams regarding COCOBOD’s indebtedness to some LBCs for cocoa supplied by farmers across the country.

Commenting on the invitation of his CEO to Parliament on Eyewitness News, Mr. Boafo admitted that some LBC’s were indeed owed, but blamed the situation largely on the impact of COVID-19 on the cocoa value chain around the world.

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“We admit that to an extent the flow of cash to cocoa farmers has not been the very best, but it is a challenge we’ve had which we are dealing with and to a very large extent we have managed the situation. But we admit that there is the need for us to quickly clear some of the debt for the LBC’s to be able to settle the cocoa farmers. The challenge to a very large extent has been influenced by COVID-19.”

“Because of COVID-19 consumption and trading in terms of pricing has dropped, which has led to trade housing limiting their processing capacity which affects your ability to raise funds and all that. The assuring part is that the $1.3 billion COCOBOD contracted to pay cocoa farmers we have done a drawdown of about $1.1 billion already, the expectation is that in the coming weeks we will be able to draw down the rest to be able to clear some of the debt available,” he added.

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