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COCOBOD, African Development Bank celebrate disbursement of loan to boost cocoa productivity
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Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer.
The occasion was marked by a ceremony held in Accra, Ghana on Tuesday, June 23, 2020 was followed online by hundreds of observers across the globe.
In attendance were COCOBOD and government representatives and participating lenders, which included development finance institutions: the African Development Bank, the Japan International Cooperation Agency (JICA), the Development Bank of Southern Africa, among others.
The $600 million syndicated loan agreement was signed in November last year at the Africa Investment Forum in Johannesburg, South Africa.
JICA and the African Development Bank agreed to provide $3.5 billion in joint financing under the fourth phase of the Enhanced Private Sector Assistance for Africa Initiative.
Joseph Boahen Aidoo, Chief Executive Officer of COCOBOD, highlighted the challenges of production, processing and distribution of cocoa in the country but noted that efforts were being made to address them.
“By strengthening the cocoa bean-centric agricultural value chain and related industries, the facility will help COCOBOD to contribute to achieving Sustainable Development Goals,” he said.
According to officials, COCOBOD would use the facility to raise cocoa yields per hectare and increase Ghana’s overall production.
Activities under the facility would include the allocation of financing to sustainably increase cocoa plant fertility, improve irrigation systems, and rehabilitate aged and disease-infected farms.
The funds would help increase warehouse capacity and provide support to local cocoa-processing companies also.
Dr Jennifer Blanke, African Development Bank Vice President for Agriculture, Human and Social Development, said “loan to COCOBOD aims to improve the quantity and quality of local processing, boosting incomes of local farmers and their communities and generating new and better jobs.”
Yasumichi Araki, Chief Representative of JICA Ghana, said “JICA will continue to commit to the cocoa industry in Ghana through innovative interventions to COCOBOD.”
The Development Bank of Southern Africa is also partnering with COCOBOD to further enhance Ghana’s position as one of the leading producers of quality cocoa in the world.
-News Desk
Minister for Education Haruna Iddrisu has questioned why Ghana continues to import toothpicks despite having the resources to produce them locally.
Speaking in Parliament, Mr. Iddrisu, who previously served as Minister for Trade and Industry, said he feels ashamed that the country still depends on imports for such a basic product.
“I have been Minister for Trade and Industry before and I carry the shame. How come that in Ghana we cannot produce toothpicks and we have to import them?” he asked.
According to him, Ghana has enough resources to support local businesses to manufacture products such as toothpicks instead of relying on imports. He said the country should encourage private sector investment in manufacturing to create jobs and reduce dependence on foreign goods.
Mr. Iddrisu alleged that some people who received government support under private sector initiatives failed to use the funds for their intended purpose.
“If you want, Honorable Kojo, because you… I can’t go there. There are people who took money in the name of the private sector and said they were going to farm. That money never went to their farms. You know that,” he told Parliament.
On job creation, the Education Minister said he agreed with the views expressed by a colleague on the need to create more employment opportunities. However, he argued that the One District, One Factory (1D1F) programme did not provide the solution to Ghana’s employment challenges.
Mr. Iddrisu made the remarks during parliamentary proceedings while contributing to discussions on job creation and the country’s industrial development.
By: Jacob Aggrey
New Patriotic Party (NPP) communications officer, Dennis Miracles Aboagye, has dismissed reports linking him to an alleged GH¢55 million case, insisting that no such issue was raised during his detention by the Economic and Organised Crime Office (EOCO).
In a Facebook post after his release from EOCO custody, Mr Aboagye stated that at no point during his detention was he questioned about any GH¢55 million.
“For the records: There was no discussion of any GH¢55 million with me by EOCO. None,” he wrote.
According to him, he was detained for four days, a day after announcing his intention to contest for the position of National Communications Director of the New Patriotic Party.
Mr Aboagye alleged that false narratives were circulated about his arrest but expressed confidence that the truth would eventually prevail.
He thanked NPP supporters who demonstrated and called for his release, saying news of the protests reached him while he was in detention and encouraged him.
Mr Aboagye indicated that the support shown by party faithful strengthened his resolve and reaffirmed his commitment to serve the NPP.
He maintained that his detention had not discouraged him from pursuing his political ambition.
“If the intention was to break me, it has failed. If the intention was to scare me, it has failed spectacularly,” he stated.
Mr Aboagye expressed appreciation to his legal team, the leadership of the NPP and all supporters who stood by him throughout his detention.
He reiterated his determination to lead the party’s Communications Directorate, declaring that he remained “ready to win” and committed to what he described as the party’s mission to “command the narrative.”
By: Jacob Aggrey
