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COCOBOD Borrows $1.2b From Western Banks Yearly Even After Making $2b From Cocoa Exports Each Year, WHY? - George Britton Asks

George Britton
Artist manager Geroge Britton in latest tweet had querry the government of why COCOBOD always have to borrow money from western banks to pay cocoa farmers even though Ghana remains one of the best cocoa produce country in the world?

According to George, Ghana makes equivalent to $2b from exporting cocoa but its so worrying to here of the COCOBOD borrowing about $1.2b or $1.3b from western banks to buy cocoa beans from local farmers for export.

He writes:

Ghana is the 2nd largest producer of cocoa in the world. The country makes some $2bil from exporting cocoa.  But, every year, the COCOBOD has to borrow some $1.2 or $1.3 bil from Western banks to buy the cocoa beans from local farmers for export. What exactly does this mean?
Good evening

Some Ghanaians had reacted to his querry with posible reasons why the COCOBOD has to borrow from western banks before it can buy cocoa beans from local farmers even though it makes huge income from exporting cocoa beans.

A user with the name @apiisabisa has suggested that, Ghanaians even sell the cocoa beans in advance before its harvest

"It means we sell the Cocoa even before is harvested." he replied.

@atedepa also reacted saying, "Please we sell the cocoa even before it is harvested and the 2billion is what the country makes from sales then you subtract the 1.2 billion plus the interest from the 2 billion made, the balance becomes money to pay themselves allowances, expensive trips and above all chop chop"

@Cleinsteven2 says: In business terms,it means we do not have enough funds to pay for the cocoa beans and cocoa beans are paid for before harvesting. The simple thing for us to do, is just to support the Ghana chocolate factory with money and more beans to produce chocolate in large quantities."

Follow the discussion here:


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