COCOBOD’s bosses hide US$87 million debt owed European banks

COCOBOD is struggling to secure this year's Cocoa Syndicated Loan due to failing to repay $87 million from last year’s loan.

European banks have lost trust in COCOBOD's management, fearing funds might be misused, especially with upcoming elections.

As a result, the loan target has been reduced from $1.5 billion to $600 million, and COCOBOD is exploring alternative funding.

The Concerned Farmers Association of Ghana is calling for urgent action to prevent the collapse of the cocoa industry, which supports over 800,000 farmers and is crucial to Ghana’s economy.