News Guide Africa

Tag: Dr Cassiel Ato Forson

  • Mahama’s ‘BIG PUSH’ to receive boost …as Ghana readies to re-enter bond market amidst Fitch’s upgrades 

    President John Mahama in a discussion with Dr Cassiel Ato Forson

     

     

    Adnan Adams Mohammed

     

    All things being equal, President John Mahama’s ‘BIG PUSH’ initiative will soon receive a boost as the government prepares to re-enter the international bond market amidst soaring investor confidence.

     

    This comes as Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook, signalling a major vote of confidence in the country’s ongoing economic recovery under the stewardship of Finance Minister Dr. Cassiel Ato Forson.

     

    The upgrade reflects significant progress in Ghana’s fiscal and debt management, following the successful restructuring of $13.1 billion in Eurobond debt and the near-completion of outstanding external debt negotiations. Fitch notes that Ghana has normalised relations with most commercial creditors and expects full restructuring to be finalised by the end of 2025. This will usher Ghana back onto the international bond market to access funds for its developmental agenda.

     

    The NDC in its election 2024 manifesto indicated it will roll out the ‘Big Push’ for national infrastructure development to continue its legacy of massive infrastructure development to boost growth and create sustainable jobs.

     

    The “Big Push” is a policy aimed at driving national infrastructure development in Ghana, focusing on completing abandoned projects, revamping the Ghana Infrastructure Investment Fund, and expanding water supply systems.

    This initiative includes a US$10 billion accelerated plan and specific projects like the Sogakope Trans-Boundary Water System and the Pwalugu multi-purpose dam.

     

    According to the Fitch report, one of the standout achievements is the sharp decline in inflation, which has dropped from 23% in 2024 to 18.4% in May 2025—the lowest rate in over three years. Inflation is expected to continue falling, averaging 15% in 2025 and 10% in 2026, supported by tight monetary policy, fiscal discipline, and improved exchange rate stability.

     

    The Ghana cedi has appreciated significantly in recent months, reversing previous trends and helping to ease price pressures on imported goods and fuel. Fitch credits the cedi’s strong performance to renewed confidence in Ghana’s macroeconomic fundamentals and proactive interventions by the Ministry of Finance and the Bank of Ghana.

     

    Finance Minister Dr. Cassiel Ato Forson has led a bold economic reset since assuming office, with a clear strategy focused on fiscal consolidation, debt sustainability, and restoring market confidence. Under his leadership:

     

    Ghana’s public debt-to-GDP ratio is projected to decline to 60% in 2025, down from 93% in 2022; Gross international reserves are now at $6.8 billion, with more growth expected in 2025 and 2026; The fiscal deficit is narrowing, with a projected primary surplus of 0.5% of GDP in 2025.

    Interest payments now consume only 25% of revenue, down from 48% in 2021; Real GDP growth remains solid, at 5.7% in 2024 and projected at 4% in 2025.

     

    In response to the credit upgrade, senior officials at the Ministry of Finance attributed Dr. Forson’s firm policy direction and stakeholder engagement for restoring Ghana’s credibility in global markets.

     

    “This milestone reflects the Finance Minister’s bold leadership in navigating Ghana out of default and laying the foundation for sustainable growth,” one official stated. “Lower inflation, a stronger cedi, and renewed investor interest are all signs that the economy is stabilising.”

     

    The Fitch upgrade is more than a technical rating change—it’s a significant endorsement that will boost Ghana’s appeal to foreign investors, support the reopening of domestic capital markets, increase the country’s access to cheaper credit and ease pressure on public finances.

     

    Dr. Forson, speaking earlier this month, reaffirmed the government’s commitment to staying the course:

     

    “We are building an economy that works for everyone. This upgrade is a signal that Ghana is back on track, and we will not relent in protecting the gains we’ve made.”

     

    Ghana’s path from default in 2022 to a ‘B-’ stable outlook in mid-2025 represents one of the strongest sovereign credit turnarounds in sub-Saharan Africa in recent years. But as Dr. Forson and the Ministry of Finance continue to emphasise, this is not the finish line. With inflation declining, the exchange rate stabilising, and debt falling, the Fitch upgrade is not only a win for the government but a hopeful sign for all Ghanaians looking forward to a more stable and prosperous future.

  • Exploit mineral resources receipts to makeup to tax cuts revenue loss – Economist

     

    “Economist urges Ghana to use mineral revenues to offset tax losses.”

    Adnan Adams Mohammed

     

    An economist has called on the government’s economic team to fully exploit resource receipts to make up for revenue gaps that would arise due to tax cut proposals.

     

    The Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has also indicated that abolishing taxes should come along with measures to plug tax loopholes, broaden the tax net, strengthen tax administration and stem tax evasion.

     

    Sharing his perspective on the move by the Mahama administration to cut some taxes as part of its fulfilling campaign promises, he however believes that leaving betting untaxed will be financially ill-advised and indeed ‘suicidal’.

     

    “Betting will become an increasing part of the economy with a huge tax revenue potential. Leaving betting untaxed would, therefore, be fiscally ill-advised and, indeed, suicidal!”, Dr Kwakye has said.

     

    The Mahama administration is seeking to remove the 10 % betting tax following the promise made during the 2024 election campaign period.

     

    The Finance Minister Dr Cassiel Ato Forson recently reiterated his stance on removing the Betting Tax, arguing that its elimination would not harm the economy.

    “Scrapping the Betting Tax will not affect the forward march of the economy,” he said. He added that increasing taxes is not the only way to boost revenue. “You don’t have to increase taxes to increase revenue. What is important is to increase compliance.”

     

    Rather than introducing new taxes, Dr. Forson revealed that he intends to improve compliance with existing tax laws to enhance revenue collection. He further stressed that Ghana’s fiscal challenges cannot be solved solely by increasing revenue but also requires prudent management of expenditures.

     

    “It’s not always about revenue, but expenditure,” he stated.

     

    Dr. Forson emphasised the need to cut wasteful spending, urging decisive action to stabilise the economy. “We need to cut the waste! The time is now. We must work in a way that stabilises inflation, the exchange rate, and creates jobs.”

     

    Dr. Forson also shared his medium-term vision to increase tax revenue as a percentage of GDP from the current 13.8% to between16–18%.

     

    A team from the International Monetary Fund (IMF) was in Ghana last week to have discussions with the government on the ongoing programme.

     

    From, Monday 10th February to Friday 14th, February 2025 the Government of Ghana had discussions with the IMF team led by their Mission Chief for Ghana, Stephane Roudet.

     

    The discussions centred primarily on Ghana’s progress under the IMF-supported Programme and the policy direction of government in the 2025 Budge due to be presented to Parliament on March 10.

     

    Other critical areas for discussion included revenue administration reforms, the energy sector reforms, expenditure rationalisation, and monetary and exchange rate policy.

     

    The Bank of Ghana, Ghana Revenue Authority, the Controller and Accountant General Department and other key institutions were expected to be present in the scheduled meetings.

     

    “The Government of Ghana assures the public of its commitment to prioritising macroeconomic stability, job creation and improved livelihood for the people of Ghana,” a statement issued by the Finance Ministry said.

     

     

     

  • Tollbooth levy reintroduction receives massive support…gov’t to ensure efficient collections

    Revolutionary road revenue

     

    Adnan Adams Mohammed

     

    The current NDC-led government has indicated its intention to reintroduce the tollbooth levy collection which was scrapped by the erstwhile NPP government.

     

    The finance minister, Dr Cassiel Ato Forson’s resolve to reintroduce the road toll levy collection this year ignited much interest and massive support from the stakeholders and the general public.

     

    Notable among the stakeholders are the road users and former collectors at the tollbooths as well as the product vendors operating around the tollbooths. On the part of the Ghana Private Road Transport Union (GPRTU), Mr Samuel Amoah, the National Deputy Public Relations Officer okayed the reintroduction of road tolls, emphasizing the need for their effective implementation to enhance the financing of the transport sector. He noted that, the primary objective of road tolls is to fund road maintenance stressing that, revenues collected must be managed transparently and accountably to ensure proper infrastructure development.

     

    As part of proposed reforms, the Minister of Roads, Kwame Governs Agbodza, had indicated the adoption of an electronic toll collection system to manage the biggest challenge of traffic congestion at toll booths across the country. However, he criticised the scrapping of the road tolls as an “illegal” decision that disregarded existing laws.

     

    “The reintroduction of road tolls will not involve building obstructions on the road. Instead, it will be a fair and efficient technological platform designed to simplify collection and accountability,” he explained.

     

    The funds, he said, would be pivotal in tackling the country’s extensive road infrastructure challenges.

     

    Road tolls were first introduced in Ghana in the early 1990s as a means of generating revenue for the construction and maintenance of roads across the country.

     

    They became a common feature on major highways and roads, with vehicles being required to pay a toll for using these routes.

     

    However in 2021, the Akufo-Addo-led administration made the controversial decision to abolish road tolls as part of the budget for that year.

     

    The government justified the decision by stating that the tolls had become inefficient and costly to collect, and that the revenue generated was minimal in comparison to the expenses involved in running the toll system.

     

    The cancellation was then replaced with the controversial Electronic Levy.

     

    Meanwhile, in a U-turn, the former Finance Minister, Dr Mohammed Amin Adam, in July last year announced governments plans to reintroduce the road toll collection after it approved an additional GH¢1.5 billion for settling unresolved claims associated with financial management companies.

     

    “Mr. Speaker, Cabinet has also granted approval for the disbursement of an additional GHc 1.5 billion to settle outstanding claims relating to the financial management companies; the establishment of a framework for the re-introduction of Road and Bridge Tolls in 2025,” Dr Amin Adam told Parliament during the presentation of the mid-year fiscal policy review for 2024.

     

    The reintroduction announcement marks a significant step in addressing Ghana’s infrastructure challenges while leveraging technology to ensure transparency and efficiency in revenue collection.

     

    The proposed system also promises a sustainable approach to road maintenance without disrupting traffic flow.

     

    With plans for re-engaging displaced workers and focusing on strategic interventions, the initiative aims to modernise Ghana’s road management system while addressing long-standing issues in infrastructure development.

     

    Highlighting the growth of Ghana’s road fund revenue, the Roads Minister noted an increase from GH¢250 million annually during former Minister Inusa Fuseni’s tenure to over GH¢2 billion in recent years.

     

     

  • Ato Forson courts support to scrap E-levy, betting tax in first budget

    Finance minister designate

     

    Adnan Adams Mohammed

     

    The Finance Minister designate, Dr Casiel Ato Forson, has assured Ghanaians that they can expect the first budget of the current administration – due in March 2025 and covering April to December –  to abolish electronic levy (E-levy), betting tax and the COVID-19 levy. He has insisted that those taxes are nuisance taxes of which he cannot easily identify their nature as to whether they are direct or indirect taxes.

    The betting tax brings in less than GHC50 million annually Dr Ato Forson posited, pointing out that therefore such a tax, if scrapped, cannot significantly affect the country’s fiscal position.

    Also, he explained that, the introduction of the E-levy fights the cashless economy agenda successive governments have tended to pursue. Therefore, the E-levy will be abolished in first budget within the 120 days of the social contract announced by President John Dramani Mahama as promised he said.

    In support of the stance of the minister designate, former Director-General of the National Lottery Authority (NLA), Sammy Awuku, has expressed his excitement over the government’s decision to scrap the betting tax. The current Member of Parliament for Akuapem North on the NPP ticket described it as a counterproductive measure that has failed to yield positive results in other jurisdictions.

    “I’m excited that the betting tax is going to be scrapped,” Awuku stated during an interview last week. “I’ve been consistent about it, even during the NPP era, and I said it is something that personally has not worked in many of the jurisdictions anytime you have introduced taxes on betting.”

    Further expatiating his reasons for his position against the betting tax, the former NLA director said, “Lottery was part of the betting tax. The National Lottery Authority, for instance, is owned by the government, and apart from the things that they do, at the end of the day, they must also contribute to the national kitty” he explained.

    This, he argued, created an unfair advantage for illegal betting operators, as players were more likely to choose operators who did not levy taxes on winnings.

    “If the government is taxing itself, then what will happen is that the underground operators that we call the illegal operators will become emboldened,” Awuku continued. “If you play with the government, you attract a 10% tax on what you win. But if you play with the illegals, you get

    your full money. So, I told them that, for me, it was counterproductive.”

    Awuku also expressed concern over the initial stance of the Finance Minister-designate, who had previously advocated for an outright ban on betting and lottery activities. “

    Meanwhile, the Member of Parliament for Tano North, Dr Gideon Boako, is cautioning the Mahama government against introducing alternative taxes in disguise following the resolve to scrap the e-levy and betting taxes, emphasising the potential implications of such a policy shift. Dr Boako believes it could result in significant revenue shortfalls that the government would struggle to address, arguing that, such shortfalls would conflict with the requirements of the International Monetary Fund (IMF), which demands robust revenue generation to meet debt servicing obligations.

    “I think by and large, he [Ato Forson] has done his part, but unfortunately, it wasn’t enough,” Dr Boako stated. “For instance, he was asked how he plans to make up for the revenue shortfalls from scrapping the taxes, and he said he would cut expenditure. However, cutting expenditure does not address the problem because the IMF focuses on debt service to revenue ratio, not debt service to expenditure ratio,” he said.

    The former economic advisor to the at the vice president office further explained that while expenditure cuts might offer temporary relief, they do not resolve the fundamental issue of generating enough revenue to match debt servicing obligations.

    He warned that the IMF would ultimately insist on finding new sources of revenue, which could lead to the introduction of additional taxes.

    “We don’t want a situation where you give with the right hand and take with the left hand,” he remarked, urging policymakers to consider the long-term impact of their decisions.

    He called for a more comprehensive approach to addressing Ghana’s fiscal challenges. He cautioned against creating false hope by abolishing taxes only to replace them with alternative levies, urging the government to be transparent and pragmatic in managing the country’s revenue needs.

  • E-levy, betting tax to be abolished in first budget 

    Dr Cassiel Ato Forson

     

    Adnan Adams Mohammed

     

    The Finance Minister designated, Dr Casiel Ato Forson, has assured Ghanaians to expect the first budget of the current administration to abolish E-levy, betting tax and COVID-19 levy.

     

    He made this revelation during his vetting in Parliament today.

     

    The Minister designate, insisted that those taxes are nuisance taxes which he cannot easily identify their nature as either they are direct or indirect taxes.

     

    “The betting tax brings in less than GHC50 million annually”, Dr Ato Forson posited. “Such tax if scrapped cannot affect the country.”

     

    Also, he explained that, the introduction of the E-levy fights the cashless economy agenda successive government have intended to pursue.

     

    “Elevy will be abolished in first budget within the 120days as promised”, he said.

  • Ghanaians extol Ato Forson as best fit for Finance Ministry

     

    Dr Cassiel Ato Forson, Finance Minister

    Adnan Adams Mohammed

    The nomination of Dr Cassiel Ato Forson as finance minister has come with many congratulations and affirmations of confidence in his capabilities.

    Among the lot is a Labour Consultant, Austin Gamey, who has praised Dr Ato Forson’s expertise and his suitability as Finance Minister-designate to tackle Ghana’s economic challenges.

    He belief the Minister-designate can address the country’s prevailing economic difficulties describing Dr Forson’s expertise and experience as perfectly suited to the needs of the job.

    “You need people with a certain depth of knowledge and ability to add value to what you want to achieve,” he stated. “Ato Forson is a classic example of someone who fits the bill, especially in these challenging times.”

    “Ato Forson has proven that he thoroughly understands these areas and knows how to collaborate with stakeholders to find effective solutions,” he said.

    The labour consultant also emphasised Dr Forson’s leadership qualities and track record in public service. Having served as Deputy Minister of Finance, ranking member of the Finance Committee in Parliament, and now Majority Leader, Dr Forson’s extensive experience positions him as a capable leader. This background gives him an unmatched understanding of the fiscal and economic landscape,” Mr Gamey remarked.

    He encouraged Ghanaians to rally behind Dr Forson and the administration, stressing the importance of teamwork to tackle inflation, the cost of living, and economic recovery.

    “All he needs is our backing and prayers to succeed. The challenges ahead are significant, but with his capacity, I am confident he will deliver,” he asserted.

    Also, Franklin Cudjoe, the Founder and President of IMANI Africa, has described Dr Ato Forson’s appointment as a “sensible” decision. In his post, Mr Cudjoe contrasted Dr Forson’s nomination with what he considered the failings of the outgoing administration’s finance leadership.

    He criticised the previous Finance Minister for pursuing overly ambitious financial projects, such as a proposed $50 billion century bond, which he described as “delusional,” and highlighted controversial policies like the Agyapa deal.

    “Ato Forson for Finance Minister. Sensible appointment,” he wrote. “Thankfully, he is not an overhyped investment banker who would have wet dreams of some delusional $50bn century bond his predecessor entertained in spite of the odious debts he had accumulated. Worse, he was planning to mortgage our gold resources through very bad deals like Agyapa.”

    His remarks underscore the weight of expectations for Dr Forson to steer Ghana’s economy responsibly and avoid the pitfalls of past financial management.

    Dr Forson’s nomination signals the government’s intention to focus on stabilising the country’s economy and implementing key fiscal reforms to drive growth and development.

    Dr Ato Forson is no stranger to the Finance Ministry, having previously served as a Deputy Minister for Finance under President Mahama’s administration. During his tenure, he was instrumental in managing Ghana’s fiscal policies, negotiating key financial agreements, and supervising economic initiatives aimed at strengthening the country’s financial health.

    A look at the profile of Dr. Cassiel Ato Baah Forson.

    He is a lawmaker in the Parliament of Ghana. He is an economist of great repute with deep insight, particularly on the economy of Ghana. He is a Chartered Accountant and a Tax Practitioner with over 20 years’ experience in the public and private sectors.

    His professional expertise covers macroeconomics, fiscal policy, tax policy and administration, finance and business management. Dr. Forson is an Oxford-trained tax professional with a Master of Science degree in taxation from the University of Oxford, UK and a Fellow of the Chartered Institute of Taxation, Ghana. He also holds a Bachelor of Science degree in accounting from London South Bank University and is a member of the Institute of Chartered Accountants, Ghana (ICAG). He obtained a Ph.D in Finance and a Master of Science degree in Economics from the Kwame Nkrumah University of Science and Technology (KNUST), Ghana.

    Dr. Forson has represented the people of Ajumako Enyan Essiam constituency in the Central Region as their Member of Parliament since 2009. In January 2023, Dr. Forson assumed office as the Minority Leader in Parliament. Prior to this, he was the Ranking Member of the Finance Committee of Parliament for six years. From 2009 to 2013, he was a member of the Finance Committee of Parliament and also served as the Vice Chairman of the Committee on Foreign Affairs from 2009 to 2011.

    Dr. Forson served as the Deputy Minister for Finance of the Republic of Ghana from April 2013 to January 2017, overseeing Budget Preparation and Implementation, Medium-Term Expenditure Framework (MTEF), Treasury and Debt Management, External Resource Mobilisation and Tax Policy and Administration.

    As a Deputy Minister for Finance, Dr. Forson also served as a Member of the Board of Directors of the Bank of Ghana and Ghana Cocoa Board (COCOBOD), a member of Ghana’s Economic Management Team and Ghana’s Alternate Governor to the International Monetary Fund (IMF).

     

    Dr. Forson was instrumental in negotiating the Ghana-IMF Extended Credit Facility (ECF) Programme in 2015. He also championed the introduction of Ghana’s model Public Financial Management Act 2016 (Act 921).

    Dr. Forson is currently the Majority Leader and Leader of Government Business in the Parliament of Ghana.

     

  • COCOBOD disclaims minority’s statement that the board has lost financial credibility

     

     

     

     

    Ghana Cocoa Board

    The Ghana Cocoa Board (COCOBOD) has strongly denied allegations made by the Minority, led by Dr Cassiel Ato Forson that it was rejected by international banks in its attempt to secure a $1.5 billion loan for the 2024/2025 cocoa crop season due to poor financial health.

     

    In a statement last week, COCOBOD refuted these claims, stating that syndicated banks had indeed submitted term sheets in response to its Request for Proposals (RFP), demonstrating confidence in its creditworthiness.

     

     

    COCOBOD also criticised the Minority for spreading “falsehoods and inaccuracies” about the cocoa sector and rejected the claim that its move to source funding domestically was a “face-saving” measure.

     

    “For the avoidance of doubt, the proposed decision to explore non-syndicated funding is part of a broader strategy to diversify our sources of funding, making the Board more self-financing and sustainable in the medium to long term, deriving more value for farmers and retaining more value within the Ghanaian economy”, the statement said.

     

     

    Below are details of the statement from COCOBOD:

     

    The Ghana Cocoa Board (COCOBOD) has taken note of the press release issued by the Minority in Parliament on 21st August 2024, which contains several falsehoods, inaccuracies, and misrepresentations regarding the current state of the cocoa sector and COCOBOD’s decision to wean itself of syndicated external borrowing to create more value for farmers.

     

    A Complete Lie about the Paradigm Shift

     

    The assertion by the Minority Caucus that the International Banks have rejected the Ghana Cocoa Board’s request and that COCOBOD was ‘chased away’ from the market is false. This is so because syndicated banks submitted term sheets in response to COCOBOD’s earlier Request for Proposals (RFP) for consideration.

     

    Indeed, notwithstanding our intentions to wean off syndicated transactions, we still have committed contracts that need to be fulfilled through the syndicated process.

     

    These transactions have necessitated a discussion with financial institutions, and nothing in this process indicates, to us, a lack of confidence in COCOBOD’s creditworthiness from these financial institutions.

     

    Source of Funding for Cocoa Purchases

     

    For the avoidance of doubt, the proposed decision to explore non-syndicated funding is part of a broader strategy to diversify our sources of funding, making the Board more self-financing and sustainable in the medium to long term, deriving more value for farmers and retaining more value within the Ghanaian economy.

     

    Profitability in the 2022/2023 Crop Season

     

    The Minority’s claim that the Board has made continuous losses is highly uninformed, and to say that COCOBOD made a loss of GHS4.2 billion in 2023 is false. In fact, COCOBOD’s 2023 accounts audited by Ernst & Young (EY) show a profit of GHS2.3 billion during the 2022/2023 Crop Season, marking a significant turnaround from the previous year’s performance. This financial success is a demonstration of the effectiveness of the strategic initiatives undertaken by COCOBOD, including cost-cutting measures, improved operational efficiency, and targeted investments in key areas of the cocoa sector.

     

    Financial Performance and Sustainability

     

    The Minority’s claim that COCOBOD’s decision to source funding domestically is a ‘face-saving’ measure to hide its financial difficulties is categorically untrue.

     

    As a matter of fact, whereas world market prices from 2017 to 2022 were record low (down 30 percent), producer prices were sustained to safeguard and sustain the industry. The Minority cannot deny that the same period of financial challenges has witnessed massive investments in key innovations, interventions, and productivity enhancement programmes including digitization of cocoa farmer households and farms into a comprehensive cocoa farmer data base, national cocoa traceability system, pruning of cocoa farms, hand pollination, the introduction and use of motorized pruner-slasher machines, and rehabilitation of cocoa swollen shoot virus diseased (CSSVD) farms, a fundamental debilitating condition for which the NDC government under former President John Mahama failed to achieve.

     

    Historic Cocoa Production Volumes

     

    The assertion by the Minority about consistent reduction in production under the current management of COCOBOD is false. It is important to note that Ghana recorded its highest-ever cocoa production volume of 1.045 million metric tonnes during the 2020/2021 crop season. This historic achievement was a direct result of effective management practices and targeted interventions by the Board, including improved agronomic practices, enhanced farmer support, and strategic investments in the cocoa sector.

     

    While recent production levels have faced structural challenges, including adverse weather conditions (i.e., last year’s devastating El Nino force majeure) and the impact of the CSSVD, it must be reiterated that COCOBOD has implemented significantinterventions and mitigation measures.

     

    The Minority is fully aware that the future of Ghana’s cocoa has been secured with the successful rehabilitation of 74,813 farms spanning 67,385.43 hectares, owned by 56,105 farmers. These farms now thrive with hybrid, disease-tolerant cocoa varieties that have started bearing fruits, and the volume of cocoa from these farms will continue to increase in the years ahead. Out of the 74,813 farms rehabilitated and now at various stages of growth, 44,480 farms covering 40,150.40 hectares, belonging to 28,510 farmers, are yielding as of August 2024 and will soon be handed back to their owners.

     

    Because of the positive measures and programmes currently being infused into the sector, cocoa farms in the transition belt that were converted into cashew cultivation when the Minority were in power with former President John Mahama are being turned back to cocoa under the present government.

     

    Commitment to the Cocoa Sector

     

    Contrary to the Minority’s claims, the NPP government remains fully committed to the cocoa sector. The government has invested heavily in the sector, including the construction of roads in cocoa-growing areas, the provision of subsidized fertilizers and pesticides to farmers, and the implementation of the cocoa rehabilitation programme.

     

    The claim that the Government has “destroyed” the cocoa sector is false, and fails to recognize the complexities of the global cocoa industry and the proactive steps being taken by COCOBOD and the Government to ensure the long-term sustainability of Ghana’s cocoa industry.

     

    Conclusion

     

    COCOBOD urges the public to disregard the Minority’s press release, which seeks to politicize a strategic and forward-thinking policy decision. The Board remains focused on its mandate to sustain and grow the cocoa industry, ensuring that it continues to contribute meaningfully to Ghana’s economy and the livelihoods of cocoa farmers across the country. COCOBOD invites all stakeholders, including members of the Minority, to engage in constructive dialogue and collaboration to support the continued growth and development of Ghana’s cocoa sector.

     

     

    Meanwhile, Dr. Jasaw, who is also the Member of Parliament for Wa East, questioned the accuracy of COCOBOD’s statement.

     

    He argued that the real reason COCOBOD is not pursuing offshore loans is that the international market has lost confidence in the organisation due to its difficulties in repaying last year’s syndicated loan.

     

    Dr. Jasaw reiterated that these financial strains reflect deeper management issues within COCOBOD that must be urgently addressed to safeguard the future of Ghana’s cocoa sector.

     

    “This is a dire situation. I was expecting COCOBOD to be forth coming with the information so that Ghanaians can interrogate it but when you try to flip it over and bring a deliberate policy shift when really it is your incapacity and therefore inability to be able to solve crisis, I think that is disingenuous and Ghanaians shouldn’t be taken for granted.”

     

    “The syndicated banks refused them the loan because COCOBOD’s financial position is not good at all, and they also have concerns about production. They struggled in paying back the last year’s syndicated loan. The ministry of Finance had to support them with about $70 million or so in July before they were able to pay back the loan.”