Cocobod Dey Beg Banks Give Local Cocoa Buyers Money!
Colaboradores
E be serious matter o! Cocobod, wey be Ghana Cocoa Board, dey beg banks make dem give 3% of demma money wey dey keep for bank (Cash Reserve Ratio) to rescue local Licensed Buying Companies (LBCs). Dem say if dem no do quick, di LBCs fit vanish completely!
Dr. Randy Anerley Abbey, wey be di Acting CEO of Cocobod, talk say dem no get money wey dem go borrow for di 2025/2026 cocoa season. E say dis one dey cause big wahala for di local cocoa buyers.
“Something dey happen plus di LBCs, especially di ones wey be Ghanaian own, because we no dey do di syndicated loan. We no dey do 2025/26,” he talk give George Wiafe for Joy News’ PM Express Business Edition.
He explain say because dem no get di yearly syndicated loan, e dey cause problem for di local companies wey dey rely on Cocobod's seed money to buy cocoa beans during harvest time.
“Under di syndicated loan, Cocobod dey create wetin we dey call di seed money. Na dis seed money we dey give di LBCs make dem go buy di beans,” he talk. “But 2024/25, di syndicated loan be small – so no seed fund.”
Dr. Abbey talk say even though avoiding di syndicated loan fit save Cocobod some money, e dey cause big problem for di smaller, local companies.
“Even though e dey save Cocobod in terms of di financing cost… if we for go for syndicated loan, Cocobod for dey look at maybe GH¢3 billion or GH¢3.5 billion. And because of how our money dey, you go even hear banks dey ask for 8% to 10% on $1,” he explain.
Di wahala be say, e dey affect everybody for di cocoa business chain. “Now di local LBCs no fit operate because dem no get seed money.”
Cocobod don go talk to Bank of Ghana make dem see if dem fit help plus di Cash Reserve Ratio.
Wey Be di Cash Reserve Ratio?
If Bank of Ghana agree, e mean say di banks go need to reduce di amount of money wey dem dey keep for BOG from about 12% to 9% and give di 3% to di indigenous LBC’s through a dedicated fund wey BOG go supervise. According to Cocobod, dis amount fit save di local LBC’s from collapsing!