Ghana Cocoa Board (COCOBOD) has dismissed media reports that it’s unable to account for $1.3 billion syndicated loan.

In a statement, it said it has drawn down $1.45 billion out of the $1.5 billion facility procured for the present 2020/2021, which has gone into financing the purchase of cocoa and other industry costs.

“Ghana Cocoa Board (COCOBOD) has taken notice of a news story that a Member of Parliament has accused the government and COCOBOD of not accounting for a $1.3 billion syndicated loan for the 2020/2021 crop season”.

“Contrary to the assertions of the MP for Juabeso, Kwabena M. Akandoh, COCOBOD has met all its statutory requirements and agreements with its financial partners in accounting for the syndicated loan for the 2020/2021 which closed in September 2021”, the statement further pointed out.

“Information about payments to LBCs (Licensed Buying Companies) can be verified from the LBCs and COCOBOD, to avoid putting out false information”, it added.”

It therefore urged the public to disregard the false claims, saying “COCOBOD is on course to meet all its financial obligations to farmers and the LBCs within the current crop season.