Cocobod Dey Beg Banks Give 3% Of Dem Money Save Local Cocoa Buyers – Randy Abbey
Colaboradores
E be serious matter dey ground for Ghana cocoa industry, as Cocobod dey beg banks make dem release small portion (3%) of dem cash reserve. Dis request dey come sake of say local Licensed Buying Companies (LBCs) dey face serious wahala. According to Cocobod Acting CEO, Dr. Randy Anerley Abbey, if dem no do quick interventions, many local LBCs fit collapse.
Syndicated Loan Palava
Dr. Abbey talk say Cocobod no secure syndicated loan for de 2025/2026 crop season. Dis decision bring serious financial problem give local cocoa buyers. E explain say without de syndicated loan, dem dey struggle get money buy cocoa beans from farmers.
“Something dey happen with de LBCs, especially de indigenous ones, which has to do with de fact say we no dey do de syndicated loan. We no dey do 2025/26,” he yarn give George Wiafe for Joy News’ PM Express Business Edition.
He add say normally, Cocobod dey create 'seed money' from de syndicated loan, wey dem go give to de LBCs make dem go buy cocoa beans. But dis year, de syndicated loan low, so no seed fund dey. Although e dey save Cocobod money, e dey affect smaller, local companies wey depend on dat money.
Impact On Local Cocoa Buyers
Dr. Abbey warn say de impact dey already show for de cocoa purchasing chain. Without de seed money, de local LBCs dey struggle operate. He point out say if dem take de syndicated loan, Cocobod for dey look at GH¢3 billion or GH¢3.5 billion, and banks dey charge high interest rates, sometimes 8% to 10% on $1.
Cocobod Dey Seek Help From Bank Of Ghana
As solution, Cocobod dey talk to Bank of Ghana make dem use de Cash Reserve Ratio policy. Dem dey hope say dis intervention go help local LBCs get de financial support wey dem need. De future of Ghana cocoa industry dey hang, and urgent action dey needed protect local businesses.