Minister for Food and Agriculture, Bryan Acheampong, has strongly refuted assertions that the Ghana Cocoa Board (COCOBOD) is not in the position to purchase cocoa beans from farmers.

COCOBOD, ahead of the start of the 2024/2025 cocoa season, disclosed plans to use self-financing alongside syndicated loans for cocoa purchases.

Finance Minister Dr. Mohammed Amin Adam subsequently disclosed that the syndicated loan will not bring in more than $600 million out of an initial target of $1.5 billion.

Bryan Acheampong at a news conference to announce the producer price for cocoa for the 2024/2025 season, stressed that COCOBOD remains financially viable to make purchases.

“I am not too sure why you will say COCOBOD has no money. It is a wrong impression. It should never be put out there. COCOBOD is well positioned to buy cocoa beans from farmers and trade same.

“Nowhere has the government reported or COCOBOD mentioned that it has no money to buy cocoa.”

Meanwhile, cocoa producer price has risen from GH¢20,928 per tonne at the opening of the 2023/2024 season to GH¢48,000 per tonne, or from GH¢1,308 per 64kg bag to GH¢3,000 per 64kg bag.