Alan to abolish existing cocoa loan syndication arrangements to reduce borrowing

Zadok Kwame Gyesi Politics Jun - 29 - 2024 , 11:30

Independent presidential aspirant, Alan Kwadwo Kyerematen says he will abolish the existing cocoa loan syndication arrangements as a form of reducing borrowing so Ghana can get the full value of its cocoa exports.

Cocoa is currently Ghana’s most important export commodity.

Speaking on his vision for the cocoa sector via social media on Friday, June 28, 2024, the former Trade Minister, who is intends to contest the 2024 Presidential election as an independent candidate, said "Every year we borrow around 2 billion dollars through cocoa loan syndications yet the government pays cocoa farmers in Ghana cedis. This and other issues allow for loss of revenue and corruption in our cocoa industry."

"As president I will abolish existing cocoa loan syndication arrangements to reduce borrowing so Ghana can get the full value of its cocoa exports," he stated.

Mr Kyerematen, who recently launched his "Great Transformational Plan (GTP)", the blueprint that will guide his policies to turn around the country's economy should he be voted for as President, further pledged to "increase private sector participation in the cocoa industry through the stock exchange."

He also pointed out that he "will consolidate the Balance Sheet of the Cocoa Board as part of the Government's Balance Sheet."

Background

Mr Kyerematen during the launch of his "GTP) said the two major political parties in the country, the governing New Patriotic Party (NPP) and opposition National Democratic Congress (NDC), have exhausted their competencies and capabilities and should not be returned to power.

He explained that both parties have had the opportunity to govern the country for the last 32 years and have not demonstrated, either through words or actions, what viable plans they have for the country going into the future.

He has consequently asked Ghanaian voters to reject both the NPP and NDC and instead vote for him on the ticket of his Movement for Change in the 2024 elections.