Media reportage on a purported under-invoicing in the export of raw rubber last year, which surfaced on Wednesday, April 2, has been vehemently denied by the Tree Crops Development Authority (TCDA).

Reports that surfaced indicated that within a year, Ghana lost about $70 million to under-declaration of export revenues and excess shipments beyond approved permits, according to a joint investigative audit conducted by the Ghana Revenue Authority (GRA) and the Tree Crops Development Authority (TCDA).

In a rejoinder issued over the weekend, the TCDA described the claims as “unverified paid propaganda”.

The Authority expressed its disappointment in media houses that carried the reportage without reaching out to it for verification.

“A genuine investigation would have sought TCDA’s perspective. Its absence demonstrates a predetermined narrative,” the statement said.

Clarifying reports on export volumes and permits, the TCDA noted that earlier reports comparing the number of permits issued in 2024 to those in 2025 were unfounded and misleading, as the permit system for raw rubber exports was only introduced on May 2, 2025.

It added that newspapers and news outlets presented annual average rubber prices as evidence of under-invoicing. The TCDA clarified that monthly minimum producer prices reflect global market fluctuations, making annual averages an inaccurate measure.

Financial Figures UnverifiedClaims citing figures of $49.6 million and $21 million were described by the TCDA as unverified. No official body, including the Ghana Revenue Authority (GRA) or the Ministry of Finance, has authenticated these amounts.

Foreign Exchange AssertionsThe TCDA emphasised that only the Bank of Ghana (BoG) supervises the Letter of Commitment (LOC) regime under the Foreign Exchange Act.

The TCDA also explained market access and legal compliance following suggestions in the reports that the rubber market be restricted to local processors. It noted that such suggestions were incorrect, highlighting that farmers have the legal right to sell to any TCDA-licensed actor, whether local or international.

On processing capacity and production figures, the TCDA described the numbers as unsourced and “designed to provoke outrage.”

It therefore urged a retraction of the reportage and called for its clarification, as provided in its rejoinder, to be given the same attention as the “unverified” report.

The Authority concluded that these media reports failed multiple standards of responsible journalism. The TCDA requested that a rejoinder be published on the front page with the same prominence as the original articles, urging that this be done by April 10, 2026, to provide the public with a timely, balanced, and accurate account.

Meanwhile, in 2022, the Management of the Ghana Rubber Estate Limited (GREL) said the current market arrangement on rubber continued to impact investment in the local rubber industry, as continuous exportation of the raw material derailed the chances of investors recovering their investments.

The diversion of unprocessed rubber by some farmers, selling to persons who exported the commodity mostly to the Asian market, affected local financial institutions that had financed the plantations.

Meanwhile, the development also denied the state some tax revenue from the commodity, given that there was no value addition.

Managing Director of GREL, Lionel Barre, during the presentation of a cheque for €668,750 as dividend payment to the Ministry of Finance in Accra, observed that exportation of the raw material compelled GREL to import rubber for processing.

This followed the company’s first phase of a €62 million rubber processing factory, which had started some two years earlier.

Barre noted that they could have developed bigger and faster than they were at the time, and expressed regret that, after all those years, they were still focusing on supply chains instead of investing in value chains. He said this had encouraged more people to export raw material rather than add value to the product.

He also highlighted that failing to ensure firm regulation of the rubber value chain could affect the future investment of GREL, especially since the situation was different in neighbouring countries.

Barre emphasised that GREL had created a supply chain for rubber but not the value chain, and that developing the value chain would encourage value addition before exportation.

GREL, a public-private initiative, was the leader in rubber production in Ghana, employing over 4,000 people directly, with a target to increase the number to 6,000 in the coming years.

The company exported nearly 100 percent of its processed rubber produce abroad, earning millions of foreign exchange for the country.

Deputy Finance Minister John Kumah, who received the payment, acknowledged the company’s challenges. He assured GREL management that the government would act on their concerns, while noting that policies were already being formulated to build a strong value chain in the rubber industry.

He also commended GREL for the prompt and regular payments of its dividend.