The Director of the Presidential Initiative in Agriculture and Agri-Business at the Office of the President, Peter Boamah Otokunor, has alleged that the debt burden of the Ghana Cocoa Board (COCOBOD) under the New Patriotic Party (NPP) government exceeded the institution’s total assets.
Speaking in an interview on Asempa FM’s Ekosii Sen, Dr. Otokunor questioned how the current administration could be expected to resolve all of COCOBOD’s challenges at once, given what he described as the scale of inherited debt.
“COCOBOD’s debt was greater than all its assets, so how do you expect the government to solve all its problems at once?” he asked.
He further raised concerns over the procurement of cocoa sacks, explaining that in 2021 imported sacks were stored in a warehouse, while additional consignments ordered in 2022, 2023, and 2024 were left uncleared at the port.
According to him, just four days before the general elections, letters of credit worth $48 million were issued to import yet another batch of sacks.
Dr. Otokunor described the situation as troubling, particularly given the economic difficulties the country was facing at the time.
He noted that the sacks currently in use are from earlier imports stored in warehouses.
He maintained that the financial and procurement decisions taken under the previous administration significantly strained COCOBOD’s operations and contributed to its current challenges.
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Source: www.myjoyonline.com