The Ghana Cocoa Board (COCOBOD) has paid more than GH¢17 billion to Licensed Buying Companies (LBCs) since November as part of efforts to clear outstanding payments owed to cocoa farmers across the country.
According to Mr Sam, payments made include over GH¢6 billion in November, more than GH¢5 billion in December, and another GH¢6 billion in January. He added that over GH¢620 million has already been paid this month, with additional payments still being processed.
“This month alone, we have paid over GH¢620 million, and we are continuing to pay the LBCs so they can clear outstanding payments to farmers,” he said.
Mr Sam explained that the delays in payments were largely caused by challenges in securing syndicated financing, which compelled COCOBOD to adopt alternative funding arrangements with international cocoa buyers.
Under this arrangement, Licensed Buying Companies pre-financed cocoa purchases, with COCOBOD reimbursing them at a later date once funds became available.
He noted that COCOBOD is now working closely with the current administration to develop a more sustainable financing model for the cocoa sector to prevent a recurrence of such payment delays in the future.
Mr Sam reaffirmed COCOBOD’s commitment to ensuring timely payments to farmers and safeguarding the long-term stability of the cocoa industry, which remains a critical pillar of Ghana’s economy.
source: 3news
