By Love Wilhelmina Abanonave
In order to address the indebtedness inherited by the current management of Ghana Cocoa board, Cabinet has directed that the Finance Minister, Dr. Cassiel Ato Forson urgently seek parliamentary approval for the conversion of legacy debts of about five point eight billion Ghana cedis owed the Ministry of Finance and Bank of Ghana by Cocoa Board to equity.
“Cocoa board currently owes the Ministry of Finance three point seven billion Ghana cedis which arose from the conversion of non-marketable cocoa beans into a loan and owes the Bank of Ghana another loan of one point three eight billion Ghana cedis”, he addressed the press at the Ministry today, February 12.
The debt conversion according to him, will restore positive equity and boost the international and local markets to support the operations of Ghana cocoa. This will strengthen the balance sheet obviously of Ghana cocoa.
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Source:
www.gbcghanaonline.com
