Business - September 30, 2020

COCOBOD signs US$1.3 billion loan to purchase cocoa beans next season

abrempongradiogh September 30, 2020

0 3 min read

The Cocoa Council of Ghana (COCOBOD) has signed a syndicated loan agreement of US$1.3 billion for the purchase of cocoa beans during the 2020/2021 crop season.

COCOBOD Chief Executive Officer (CEO) Joseph Aidoo explained that Ghana will receive the money after the agreement is signed, adding that cocoa growers can rest assured that all COCOBOD contracted agents nationwide The point of sale receives physical cash. The season starts in October 2020.

The loan agreement was signed on Tuesday, September 29, 2020.

In an interview with Hot/Fox FM’s Kwabena Ahwireng Martin, Mr. Aidoo explained that some people, especially those from the opposition National Congress of Democracy (NDC), believe that “due to the outbreak of the COVID-19 pandemic, in 2020/2021 There will be no way for cocoa beans to obtain or receive money from farmers to buy cocoa beans.”

“But due to the hard work of the government led President Akufo Addo and the management of cocoa beans, as well as the credibility of the reputable cocoa beans, finally, the agreement has been signed today, and the money will be received before the start of the country . Seasons.” He said.

He further explained that COCOBOD expects Ghana’s cocoa production to increase approximately 900,000 metric tons.

According to him, this boost will replace the highest record of about 800,000 tons.

Mr. Aidoo expressed optimism about the measures taken the government and the scientific methods adopted farmers in growing crops, believing that this will increase yields.

He mentioned that some of these interventions are regular pruning of cacao trees, which allows them to produce more fruit, and the government decided to provide fertilizer directly to farmers.

He said these will also help increase cocoa production in the 2020/2021 season, which is expected to start on October 1, 2020 and end on September 30, 2021.

In addition, Mr. Aidoo emphasized that the country needs to raise its own funds to buy cocoa beans from farmers to reduce the high interest rates on loans.