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The Director of Legal Affairs for the National Democratic Congress (NDC), Godwin Edudzi Tameklo, has issued a strong response to recent statements made by the Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo.

The COCOBOD CEO recently announced that, for the first time in three decades, the institution will not secure offshore syndicated loans to finance the purchase of cocoa beans for the 2024/2025 crop season.

Targeting the purchase of around 650,000 metric tonnes of cocoa beans, COCOBOD stated that it plans to finance the procurement entirely from its internal operations.

In a press briefing, Joseph Boahen Aidoo explained that there is a comprehensive strategy in place to reduce COCOBOD's dependence on high-interest loans from offshore lenders.

He emphasised that it is no longer financially sensible for COCOBOD to rely on international loans when it has the capability to raise funds locally at more favourable rates.

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