The Ghana Cocoa Board (COCOBOD) has announced the cancellation of six cocoa road projects due to financial challenges.
These projects are part of 14 road initiatives launched by COCOBOD between 2015 and 2016, spanning seven regions, with an estimated total value of 370 million Ghana cedis.
Nearly a decade later, none of these roads have been completed.
Addressing the Public Accounts Committee, COCOBOD’s Chief Executive Officer, Joseph Boahen Aidoo, disclosed that the financial difficulties faced by the institution have made it impossible to continue with six of the projects.
He revealed that the details, which have been documented in a table presented to the committee, show that these six projects have been officially terminated. The remaining projects are being repackaged for completion.
Mr Aidoo assured the committee that should resources become available in the future, the cancelled projects may be reconsidered. “But I give that assurance that one’s resources are available they would be definitely taken on board.”
In a separate issue concerning an 8.3 million cedis rent debt highlighted by the Auditor-General, COCOBOD is struggling to recover 6.8 million cedis owed by the Produce Buying Company (PBC). Ray Ankrah, COCOBOD’s Deputy CEO for Finance and Administration, provided an update on the situation.
“The rent arrears for Jubilee House, amounting to 102,000 cedis, have been fully settled. Additionally, the outstanding rent for properties on Lake Road in Kumasi, totaling 263,307.06 cedis, has been recovered. The Sunyani Jubilee House rent of 74,771 cedis has also been collected. This accounts for approximately 67% of the total outstanding debt.
“However, we are facing challenges with the PBC’s debt of 6,851,517.51 million cedis, which remains unpaid. Management has engaged with PBC to discuss and agree on a payment plan, and we are confident that as the new season begins, we will be able to recover these funds through their Credit to Revenue (C2R) arrangements,” Mr Ankrah explained.