COCOA BILL DEBT SWAP: "IT'SANOTHER HAIRCUT" - JOE JACKSON SAID

Cocoa Bill Debt Swap: "It'sanother haircut" - Joe Jackson said 



Dalex Finance's head of business, Joe Jackson, said COCOBOD's invitation toholders to voluntarily exchange their short-term cocoa debt for new ones was just another hair-raising move.

According to him, this is another sign that the government cannot pay its bills. He described the call for change as a way for the government to extend the eligibility criteriathat will come in August in five years because it is not able to meet them on the appropriate date. 

“Like we did with the national chain, the government and COCOBOD came in and saidwe can't pay our bills. Remember that the last loanwas published in February 2023 at a rate of 32.22% per year and should be paid in August, but it will not be paid and any interest and principal will be linked to a single figure. ” citinenewsroom.com quoted him. 

Payment of principal and interest will be from 2024 to 2028. “Suppose you have a coco debt of GH¢68 with an interest of about GH¢32, or GH¢100,which will be paid at 5% in 2024, 20% in 2025, 25% and2026, 25% in 2027, and 25% in 2028, which means that the amount you should receive this year plus interest will be spread over five years from 2024. Thatis another haircut", he explained. However, JoeJackson blamed the GhanaianCOCOBOD for not paying his dues.



“It's really a COCOBOD problem. COCOBOD has used his activities badly, but he has not published his account since 2020, and he took the money that was supposed to buy cocoa but unfortunately is doing other things that are not his original, "he lamented. 

COCOBOD's work has been the subject of much criticism, although many lamented the quality of its staff. On July 14, 2023, the company invitedholders of short-term debt securities (cocoa debt) to exchange them for long-termdebt securities. 

"COCOBOD pays eligible borrowers the accrued and unpaid interest ("AccruedInterest Payable") on their eligible items that COCOBOD has shown and accepted,calculated from the last interest payment date up to, but not including, the Date Breakdown, of which the amount will be paid to the eligible persons in the form of gross interest (rounded to the nearest HS). betweenNew Bonds in the same amount.as per share consideration change (as defined) ,” part of the release read.