The Ghana COCOBOD has revealed that, for the first time in 30 years, it will not pursue an offshore syndicated loan to fund the purchase of cocoa beans for the 2024/2025 crop season.

Aiming to procure around 650,000 metric tonnes of cocoa beans for the season, COCOBOD stated that it will fund the purchases through its internal operations.

During a press briefing, Chief Executive Joseph Boahen Aidoo revealed that there is a comprehensive plan to reduce COCOBOD's reliance on high-interest loans from offshore lenders.

He stressed that it is not financially wise for COCOBOD to continue depending on loans from international banks when it has the ability to raise funds domestically at a lower cost to purchase the beans.

“For the first time in the history of Ghana COCOBOD, we want to wean COCOBOD off from offshore syndication. We want to be self-financing. Since 1992 COCOBOD has been going offshore to borrow from a consortium of banks. It is a good time to learn our lessons”.

Mr. Boahen Aidoo insisted that COCOBOD can self-finance its operations and purchases, providing all the proceeds it will accrue to the government of Ghana for other developmental projects.

“In the previous year, COCOBOD has paid interest of more than US$150 million. That money could have been used for other things in the country”, he said.

Defending the decision, he stressed that move has received all the support of major stakeholders in the sector to make the farmer the ultimate beneficiary in the value chain.

“We have always being looking out for the interest of the farmer. The farmer is the most important person. Ghana and Ivory Coast pushed for the Living Income Differential of 400 dollars per tonne for the farmer”, he recalled.

Meanwhile Mr. Boahen Aidoo announced that the 2024/2025 crop season will start from 1st September this year.