spot_img

Ghana’s Cocoa Production Hits 20-Year Low, Minister-Designate Eric Opoku Warns of Financial Strain

Published on

spot_img

Ghana’s cocoa production has fallen to its lowest level in two decades, with serious financial implications, according to Eric Opoku, the country’s Minister-Designate for Food and Agriculture. Speaking at his vetting before Parliament’s Appointments Committee on January 20, Opoku highlighted troubling reports from the Ghana Cocoa Board (COCOBOD) showing a significant decline in production.

Opoku revealed that COCOBOD’s transition report indicated the country’s cocoa production for the season stood at 530,000 metric tonnes, though he noted that figures ranging from 430,000 to 530,000 tonnes all pointed to a sharp drop in output. He stressed that this decline marks the lowest production in 20 years.

The fall in production has had severe financial consequences, Opoku explained, particularly in relation to Ghana’s cocoa loan commitments. He referenced an $800 million syndicated loan taken to purchase 850,000 tonnes of cocoa, a target that was not met, leading to a default on the loan. The repayment was rolled over to the current year, with COCOBOD now aiming to procure just 374,000 tonnes.

Opoku outlined that addressing the default and managing the sector’s growing debts would be a top priority for his administration as it works to stabilize the industry and ensure the future of Ghana’s cocoa sector.

Source:TheDotNews

Latest articles

Kwahu Business Forum: Mahama Urges Africa to Seize Global Economic Opportunities

President John Dramani Mahama has called on African nations to take advantage of shifting...

GHS director orders Health Facilities to halt toilet charges

The Director-General of the Ghana Health Service, Prof Samuel Kaba Akoriyea has ordered an...

Veep Opoku-Agyemang calls for unity and fairness in Easter Message

Vice President, Professor Naana Jane Opoku-Agyemang, urged citizens to embrace compassion, unity, and fairness...

PURC Board Chairman Prof. Thomas Akabzaa Dead

Professor Thomas Mba Akabzaa, recently appointed chairman of Public Utilities Regulatory Commission (PURC), has...

More like this

Kwahu Business Forum: Mahama Urges Africa to Seize Global Economic Opportunities

President John Dramani Mahama has called on African nations to take advantage of shifting...

GHS director orders Health Facilities to halt toilet charges

The Director-General of the Ghana Health Service, Prof Samuel Kaba Akoriyea has ordered an...

Veep Opoku-Agyemang calls for unity and fairness in Easter Message

Vice President, Professor Naana Jane Opoku-Agyemang, urged citizens to embrace compassion, unity, and fairness...

Discover more from The Dot News

Subscribe now to keep reading and get access to the full archive.

Continue reading