According to reports, the Ghana Cocoa Board (COCOBOD) is getting ready to take legal action against UBA Ghana for not fulfilling its pledge to pay $4.33 million for the purchase of cocoa in 2022.

Vice President of policy think tank IMANI Africa Bright Simons claims that when UBA Ghana made an offer at the last minute, COCOBOD's management had already completed the annual loan agreement.

“6 months down the line they hadn't paid,” Bright Simons wrote via X on December 12, 2023, while sharing a Fitch ratings verdict of the bank issued on September 15, 2023.

“Cocobod management says they have told their lawyers to force UBA to cough up the cash or take them to Court for damages. UBA management have been tight-lipped about what they saw in Cocobod's books that spooked them or whether their group level went hard on them on their risk exposures,” he added.

Meanwhile, COCOBOD, grappling with debt obligations, secures record-high loan for cocoa purchases. Several international banks commit to lending Ghana Cocoa Board approximately $800 million at nearly 8 percent interest. Observers question the need for recurrent loans despite Ghana's significant role in global cocoa production and export.