A minority of lawmakers claim that since the NPP took office in 2017, COCOBOD has accrued significant debt.
According to Eric Opoku, the ranking member of the food, agriculture, and cocoa affairs committee of parliament, COCOBOD lost GHC 151 million in 2017, GHC 84.2 million in 2018, GHC 320 million in 2019, GHC 406 million in 2020, and GHC 1.6 billion in 2021.
He said that COCOBOD is on the verge of failing as a result of poor management as the Finance Committee was debating whether or not to authorise a $1.3 billion loan deal for COCOBOD to purchase cocoa beans in the upcoming year. He said that Parliament "must be concerned in how they deploy the resources that we as a House approve to them" because of this.
In addition, Mr. Opoku commented on the cocoa producer price, saying that COCOBOD is generating enough money given the seven percent increase in the world market price and that cocoa farmers need to profit from this rise in price.
Dr. Cassiel Ato Forson, the ranking member of the finance committee, defended Mr. Opoku's claims by asserting that the minority is only in favour of the loan deal because without it, the cocoa industry will collapse.
Dr. Forson asserts that because to its advantages, everyone should be concerned about the sustainability of cocoa. "Mr. Speaker, cocoa is something that has held this country for years; if cocoa falls, I don't know where this country would go to," he added.
He encouraged the government to revive the cocoa industry as a result.
Alexander Afenyo-Markin, the deputy majority leader, has vehemently refuted the charges, claiming that the present administration has treated farmers significantly better than prior administrations.
"It must be emphasised that Ghana is the only nation that offers cocoa growers inputs and extension services. In Cote d'Ivoire, it is never done. Only in Ghana do we have the COCOBOD regulator offering incentives to farmers, he insisted. The 1.3 billion dollar credit deal for COCOBOD to buy cocoa for the crop year 2022–2023 has since been authorised by parliament.
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