COCOBOD justifies ‘National Chocolate Week’ celebration despite indebtedness to LBCs

The Ghana Cocobod has refuted claims that some license buying companies have not been paid since November 2020 for the supply of cocoa beans.

According to the cocoa industry regulator, even though there has been a delay in payments it will be withdrawing some $190 million dollars from the Bank of Ghana to settle the debt by the end of this week.

Responding to questions at the ‘Meet the Press Series’ organized by the Ministry of Information, Head of Public Affairs at the Cocobod, Fiifi Boafo noted that despite the delay in payments, it is very critical to promote local consumption of chocolate to boost the economy.

“If anyone tells you that we did not pay farmers or Licensed Buying Companies since November 2020 that is not true because we have withdrawn more than $1.0 million from the Bank of Ghana to settle the farmers and LBCs.”

He further said, “We admit that there are some challenges and little delays in payment, but we expect it to be sorted out this week because we shall be drawing down the last batch of funds to pay the remaining debt.”

“In as much as we have these challenges doesn’t prevent us from consuming our local products to promote the economy” he opined.

Source: Goldstreet Business

Share your thoughts with us

This site uses Akismet to reduce spam. Learn how your comment data is processed.