By Samuel Nyamekye Jnr.
The National Chairman of the National Democratic Congress (NDC), Johnson Asiedu Nketia, has attributed Ghana’s ongoing cocoa sector crisis to what he described as severe financial mismanagement under the administration of former President Nana Akufo-Addo.
Addressing party supporters and traditional leaders during the NDC’s “Thank You” tour at Upper Denkyira West Constituency in the Central Region, Mr Asiedu Nketia alleged that poor handling of cocoa financing arrangements significantly weakened the sector.
According to him, the previous government secured a loan intended to purchase 800,000 tonnes of cocoa during the 2023/2024 crop season, but ended up buying just over 400,000 tonnes, despite fully utilising the loan amount.
“When it was time to repay the loan contracted for cocoa purchases, the government did not have the required cocoa volumes to offset the debt,” he said. “As a result, they had to appeal for the repayment to be rescheduled to 2025.”
Mr Asiedu Nketia further claimed that the former administration raised additional funds through cocoa bonds from domestic banks but later struggled to honour its repayment obligations.
“They used cocoa bonds to raise substantial funds locally. After the debt restructuring and haircut, the government admitted it could not repay the banks. When we assumed office and conducted our audit, we realised the full extent of the challenges left behind,” he alleged.
Jute Sack Imports Cited as Additional Concern
The NDC Chairman also pointed to the large-scale importation of jute sacks used for cocoa packaging as another factor worsening the situation at the Ghana Cocoa Board (COCOBOD).
“The sacks used for cocoa packaging are imported, and this became another avenue for financial gain, with contracts allegedly awarded to party affiliates,” he said. “When we took over, we discovered that so many sacks had been imported that Ghana may not need new ones for up to ten years.”
He added that COCOBOD currently has a significant consignment of jute sacks stuck at the port, yet to be cleared, further straining the institution’s finances.
Assurance of Reforms
Mr Asiedu Nketia assured cocoa farmers and industry stakeholders that the current administration is taking steps to restore financial discipline and stabilise the cocoa sector.
He emphasised that transparency, accountability, and prudent resource management would guide ongoing reforms to rebuild confidence and safeguard one of Ghana’s most critical export sectors.
