Dr Richard Atuahene is a banking consultant
A banking consultant Dr Richard Atuahene, has attributed the current challenges in Ghana’s cocoa industry to poor financial management between 2016 and 2024.
According to him, the Domestic Debt Exchange Programme (DDEP) and other poor financial decisions have led to the collapse of bonds raised by the Ghana COCOBOD.
Speaking on OTEC FM’s Dwabrem show on Wednesday, Dr Atuahene stated that the chaos in the cocoa sector is a result of the DDEP, which eroded the trust of foreign investors in Ghana’s financial system, causing them to halt their investments.
“As a result of this, the Ghana COCOBOD had no fiscal space to raise bonds, and all foreign investors ditched Ghana’s Cocoa market due to poor economic management,” he said.
Dr Atuahene emphasised that both domestic and foreign investors are concerned about the poor management of Ghana’s financial systems.
However, he noted that the current changes in the sector are a necessary evil, adding that they will restore confidence in the country’s financial space.
Source:
www.ghanaweb.com