The Ghana Cocoa Board (COCOBOD) has released approximately GH¢4.2 billion to Licensed Buying Companies (LBCs) to pay cocoa farmers who have been awaiting payment for their beans since November last year.
The disbursement is part of measures to clear outstanding arrears in the cocoa sector and restore confidence among farmers and other players within the industry.
Speaking in an interview with the media, the Head of Public Affairs at COCOBOD, Jerome Sam, confirmed that the funds were released to the Licensed Buying Companies last week to facilitate payments to farmers.
According to him, although some farmers are yet to receive their payments, others have already been paid due to existing financing arrangements between COCOBOD and the buying companies.
Mr. Sam further assured that COCOBOD remains committed to settling all outstanding payments owed to cocoa farmers before the end of the 2025/2026 cocoa season, expected around August.
The payment initiative forms part of broader reforms recently announced by the Finance Minister, Cassiel Ato Forson, aimed at restructuring the cocoa sector and addressing debts owed to farmers and other stakeholders across the cocoa value chain.
The reforms are expected to stabilise the sector and improve the financial flow between COCOBOD, Licensed Buying Companies and cocoa farmers across the country.
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The post COCOBOD Releases GH¢4.2bn to LBCs to Pay Cocoa Farmers appeared first on The Ghanaian Chronicle.
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