The Member of Parliament for the Guan Constituency, Fred Kwasi Agbenyo, has joined the ongoing public discussion surrounding the intended nationwide demonstration by cocoa farmers over unpaid arrears.
According to Mr. Agbenyo, the current challenges facing cocoa farmers have a long history, stressing that he is not one of those who play politics with such sensitive national issues.
He explained that although he has been monitoring arguments being raised by the opposition New Patriotic Party (NPP) regarding the matter, it is important to set the record straight.
Mr. Agbenyo stated that for nearly three decades, the Ghana Cocoa Board (COCOBOD) has relied on syndicated loans from international banks to finance cocoa purchases. He noted that before the start of every cocoa season, COCOBOD typically secures these loans and uses the funds to purchase cocoa beans through Licensed Buying Companies (LBCs).
However, he revealed that for the past three years, COCOBOD has been unable to access such financial support due to what he described as mismanagement under the previous NPP administration.
He cited the 2023/2024 cocoa season as a key example, explaining that COCOBOD, under the NPP government, secured syndicated loans based on the projected purchase of 800,000 metric tonnes of cocoa. However, he alleged that the board failed to supply the required quantity, creating a financial shortfall.
He further explained that the situation worsened when a rollover was required for the following season, but international banks refused to renew the facility, leaving COCOBOD without immediate cash flow as had been the case in previous years.
Mr. Agbenyo expressed deep sympathy for cocoa farmers who are currently facing severe financial hardship due to delayed payments.
He assured farmers that government is actively working to address the situation, and promised that all outstanding payments will be settled soon.
According to him, farmers whose monies are in arrears should remain calm, as they will receive their payments in the coming days.
Story: Nyamebeye Kofi Ansah Sasraku