By Godwin Owusu Frimpong
In a surprising turn of events, Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has publicly contradicted the Ghana Cocoa Board’s (COCOBOD) recently declared intention to move towards self-financing during the upcoming 2024/2025 cocoa season. During a monthly economic update held in Accra, Dr. Adam stated that the government would need to pursue external funding rather than relying solely on internal resources, which directly opposes COCOBOD’s earlier assertions.
COCOBOD’s Chief Executive Officer, Joseph Boahen Aidoo, had previously expressed confidence in the board’s self-financing strategy, highlighting anticipated savings of around $150 million. This plan was seen as a significant shift aimed at enhancing the financial autonomy and sustainability of Ghana’s cocoa industry.
However, Dr. Adam clarified that the government’s approach would instead involve securing funds through syndicated loans and other financing instruments to support the cocoa sector’s needs for the upcoming crop season, which kicks off in September 2024. He emphasized the importance of exploring diverse funding sources to ensure COCOBOD’s financial viability, thus casting doubt on the feasibility of the board’s self-financing initiative.
The conflicting messages raise concerns about the future of Ghana’s cocoa industry and the credibility of COCOBOD’s strategic direction. Stakeholders are left grappling with the implications of this disagreement and what it signifies for the country’s flagship agricultural sector.
Godwin Owusu Frimpong
