In the new Government of Ghana exchange initiative, an impressive figure of over 90% of Cocoa Bills holders have participated in the exchange program.

This noteworthy accomplishment has been lauded by Dr. Mohammed Amin Adams, the Minister of State at the Ministry of Finance, who views it as a significant triumph for the state.

The government anticipates using the generated proceeds to support further cocoa acquisitions.

Dr. Adams shared this information during the Chartered Institute of Taxation's International Taxation Conference. The event served as a platform for him to highlight the achievement and its implications.

The government's announcement of exchanging nearly ¢8.0 billion to facilitate the refinancing of cocoa purchases for the upcoming season coincides with COCOBOD's efforts to secure additional funds.

This move has been deemed a success by the Minister of State at the Finance Ministry, signifying positive signals for recoveries within the domestic market.

“We have been able to make payments for bondholders in the new exchange and at the same time we have been extremely successful with the current tendering of more than 90% of cocoa bills of ¢7.9 billion and a dollar exchange of $809 million and detailed announcement will follow through when the settlements are done”, he disclosed.

Professor Charles Ackah, an economist at the Institute of Statistical, Social, and Economic Research, called on the government to focus on export-oriented goods in order to increase foreign exchange earnings in his speech on the nation's effort to mobilize income.

This year’s tax conference theme; “Taxation and economic development; a review of Ghana’s tax policies” was chosen to reflect the current state of the country’s tax collection which has been very low as compared to other countries.