Nat’l Tymes News Desk
PRIVATE legal practitioner and governance advocate Kwame Jantuah is calling on former President Addo Dankwa Akufo-Addo to publicly explain how the Ghana Cocoa Board (COCOBOD) accumulated an estimated $185 million debt to cocoa farmers, insisting that the country deserves clarity on what went wrong during his administration.
Speaking on the TV3 New Day morning show, Mr. Jantuah argued that the crisis within COCOBOD did not occur overnight and requires direct accountability from the former head of state. He maintained that Akufo-Addo must address Ghanaians on whether policy decisions, oversight lapses, or financing strategies under the administration of the New Patriotic Party — in which former Vice President Mahamudu Bawumia played a key role — contributed to the mounting liabilities now weighing down the cocoa sector.
His comments come as the Ministry of Finance Ghana reportedly steps in to help clear arrears owed to farmers. Under the arrangement, government is expected to settle the outstanding payments, with COCOBOD reimbursing the state through proposed domestic cocoa bonds.
While officials describe the intervention as a stabilisation measure aimed at restoring investor confidence, Jantuah contends that financial restructuring alone is insufficient without full transparency on how the debt escalated during the previous administration.
He has also questioned the decision to load road-related expenditures—popularly referred to as Cocoa Roads debt—onto COCOBOD’s books, suggesting the practice may have distorted the Board’s financial health and weakened its accountability framework.
On the operational front, COCOBOD’s shift from its traditional syndicated loan model to a direct financing system involving cocoa offtakers has drawn mixed reactions. Licensed Buying Companies with confirmed buyers can now access direct funding, while some are permitted to pre-finance purchases independently.
Meanwhile, Seidu Yonye, the newly appointed Managing Director of Produce Buying Company (PBC), has indicated that about 70 percent of cocoa delivered this season has been paid for. However, approximately 51,000 metric tons still require buyers or completed sales to clear outstanding arrears. While farmers have welcomed the recent release of funds after months of delay, concerns persist over reports of a price drop from GH¢3,600 to GH¢2,500 per bag.
Jantuah maintains that beyond the immediate payments, deeper structural and governance questions must be addressed, particularly regarding production forecasts, forward sales agreements, and overall financial planning within COCOBOD.
Cocoa farmer has also pointed to long-term threats facing the cocoa industry, including aging farms, disease outbreaks, and climate pressures, warning that financial instability combined with environmental challenges could undermine one of Ghana’s most critical export sector.
Reiterating his call during the TV3 panel discussion, Lawyer Jantuah urged Akufo-Addo to grant a direct media engagement to explain how COCOBOD’s debt crisis developed under his watch, outline the corrective measures taken at the time, and clarify what safeguards were put in place to prevent such financial strain.
In his view, only a clear and transparent account from the former President can restore confidence among farmers and the broader public.
Source: Nationaltymes.com
