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The Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo, has come under fire following allegations of misrepresentation regarding Ghana’s 2023/24 cocoa forward sales. The Minority in Parliament has presented evidence suggesting that the CEO misled the public about the volume and pricing of forward sales, prompting calls for an unqualified apology to former President Mahama.
The controversy stems from the discrepancy between the CEO’s statements and information submitted to Parliament regarding the extent of cocoa sold forward and used as collateral for a syndicated loan. Contrary to the CEO’s assertions, documents revealed that only 36.2% of the anticipated cocoa production for the 2023/24 season was sold forward, casting doubt on the claim of a “greater percentage” being sold at lower prices.
Furthermore, it has been disclosed that the remaining 63.8% of the cocoa output is slated to be sold at spot prices, potentially at a level well above the prices cited by the CEO. The Minority Group has raised concerns about the potential impact on cocoa farmers, highlighting the significant difference in potential earnings if cocoa is indeed sold at spot prices in line with market rates.
In response to these revelations, the Minority Group has called for a thorough investigation into the matter and demanded an unqualified apology from the COCOBOD CEO to former President Mahama, cocoa farmers, and the nation at large. The group has pledged to engage with cocoa farmers across the country to ensure transparency and accountability in the handling of cocoa sales and pricing.
The unfolding controversy has sparked a heated debate, with stakeholders expressing concerns over the alleged discrepancies and their potential implications for the livelihoods of cocoa farmers. As the issue continues to garner attention, all eyes are on COCOBOD and its CEO to address the allegations and provide clarity on the matter.
Source:locotvgh.com