The Minister of Finance, Dr. Mohammed Amin Adam, has contradicted recent assertions by the Ghana Cocoa Board (COCOBOD) regarding the self-financing of the upcoming 2024/2025 cocoa crop season.

Contrary to COCOBOD’s statements, Dr. Adam confirmed that the government will pursue external funding to support the sector.

During the monthly economic updates held in Accra on Thursday, 29 August 2024, Dr. Amin Adam clarified that the government would depend on syndicated loans and other financial instruments rather than transitioning to self-financing, as COCOBOD had previously announced.

“I want to take this opportunity to clarify that as part of measures to improve the financial viability of COCOBOD, the government for the 2024/2025 crop season will be sourcing funds through the syndication process and other alternative sources,” Dr. Amin Adam stated.

COCOBOD had earlier revealed plans to self-finance the upcoming cocoa season, starting in September 2024, with the aim of saving approximately US$150 million.

The board’s Chief Executive Officer, Joseph Boahen Aidoo, had championed this shift as a cost-saving measure.

Dr. Amin Adam’s comments suggest a continued reliance on external funding to support Ghana’s pivotal cocoa sector.