Performing CEO of Ghana Cocoa Board (Cocobod), Dr. Ransford Anertey Abbey, has revealed staggering ranges of debt that proceed to hang-out the establishment.
He admitted that Cocobod’s whole liabilities are hovering round GH¢33 billion, with no instant prospects of monetary restoration.
Talking on Pleasure Information’ PM Specific Enterprise Version on Thursday, June 5, Dr. Abbey was not shy to explain the dire state of affairs dealing with the cocoa sector’s key regulatory physique.
“The final time I checked, that debt was near GH¢33 billion,” he disclosed. “I’ve to redo it now, as a result of the greenback parts would possibly go down on account of the efficiency or the energy of the cedi now. However that’s the state of affairs.”
He famous that Cocobod is beneath immense stress from suppliers, contractors, and banks, lots of whom are owed cash courting again a number of years.
“We owe agrochemical suppliers over $400 million,” he revealed. “I’m positive that while you received right here, you waited for about an hour. All these you noticed leaving my workplace had been corporations that we owed. And the banks are chasing them. And so they have additionally come right here to chase us.”
Dr. Abbey emphasised that Cocobod is buried in fixed authorized and monetary battles.
“On daily basis, I’m coping with both solicitor letters or court docket points. And it’s about those who we owe,” he stated. “We’ve owed folks for 4 years, for 3 years, for 2 years, for a 12 months.”
He clarified that, opposite to public notion, the controversial Cocoa Roads Programme shouldn’t be the foremost contributor to the debt determine.
“Anytime we point out the Cocoa Roads’ GH¢21 billion, folks assume that the GH¢21 billion is a part of the about GH¢33 billion. No, it isn’t,” he defined. “
It is just GH¢4.4 billion, that are certificates raised and sitting at our money workplace. The others need to do with the contracts which have been given, however they’ve not raised certificates or executed them.”
He added that Cocobod is now engaged in a rationalisation train to find out “which ones we will cancel, which ones could be offloaded to the ministry, and which ones could be diversified.”
Dr. Abbey cited what he described as monetary recklessness, significantly within the procurement of jute sacks. “I’m positive you’ve heard in regards to the jute sacks,” he stated.
“They [previous administration] issued an irrevocable letter of credit score, $48 million in December 2024, when the paper paperwork present that that they had imported jute sacks and over 110,000 haven’t been cleared over three years. But they nonetheless determined to award a contract for 80,000 bales of jute sacks valued at $48 million.”
He added that these new jute sacks have begun arriving.
“As soon as the invoice of ladings are offered to us and given to the financial institution, by the construction of the irrevocable LC, the $48 million might be given to the corporate. That’s how this place was run.”
When host George Wiafe requested whether or not Cocobod was wherever near balancing its books, Dr. Abbey admitted the street forward stays powerful.
“Our first job was to have a look at how we’re going to cope with it, and the projections we made was that by 12 months 4, we needs to be tremendous,” he stated. “Now we now have to redo the books in view of the cedi appreciation.”
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