Els: MBN360 News
Fiifi Boafo has raised concerns about COCOBOD’s current financial management and questioned the government’s promises on cocoa value addition.
Boafo said the finance ministry’s recent announcements ignored the realities on the ground.
He described the 32-year syndicated loan financing model as previously stable and rejected claims that it had collapsed. “The problems COCOBOD is facing today are not due to changes in financing but to poor execution of trading and pricing policies,” he said.
Boafo also questioned government targets of achieving 50% local cocoa processing, calling the initiative largely a public relations exercise.
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He highlighted that under the previous administration, local processing had increased from 23% to 42%, suggesting that the incremental target would have minimal impact. He further noted that many processing plants are owned by multinational companies, raising questions about who ultimately benefits from local processing.
On debt management, Boafo stressed that COCOBOD’s liabilities must be considered alongside revenue. He pointed out that the previous administration had rationalized cocoa-related debts, yet current discussions still reference pre-rationalisation figures.
“The current administration is using administrative errors to shift blame onto cocoa farmers,” he said.
Boafo called for reforms in trading and pricing strategies, emphasizing forward sales at the right time to avoid repeating the current crisis. “We must ensure farmers are not penalized for management missteps,” he concluded.
