COCOBOD weans itself off syndication loans; projects $150m in savings

Beginning in September 2024, the Ghana Cocoa Board (COCOBOD) will begin financing its own projects for the 2024–2025 cocoa crop season, Chief Executive Officer Joseph Boahene Aidoo has disclosed.

In a media briefing on Tuesday in Parliament, Mr. Aidoo stated the COCOBOD has planned to wean itself off loans it has been accessing through the cocoa syndication program for the past 32 years.

He believes it’s time to learn from past mistakes as they plan to finance the crop locally, a move they believe will provide significant benefits and help them transition from offshore financial markets.

“Is it good that always COCOBOD should be heard going to borrow? Are we comfortable with that tag? Today, you have heard that COCOBOD is not going to borrow. It is quite a good time for any human being to learn his or her lessons,” he said.

“In 32 years, we have learnt our lessons, and we think that it is high time we wean ourselves from the offshore international financial markets and then finance the crop ourselves here, and that is exactly what we are going to do. And I think it comes with a lot of projectory benefits,” he added.

The COCOBOD CEO figured that the country could save some $150 million if it chooses not to borrow from international financial markets.