9 cocoa seed-buying firms have paid a complete of GH¢101 million out of GH¢137 million debt owed the Ghana Cocoa Board (COCOBOD).
The 9 firms together with Evadox Restricted and Brasoman Firm Restricted are a part of 17 firms which had did not pay for cocoa seeds for greater than 4 cocoa seasons and had ceased to function.
One different firm, Royal Commodities, at the moment working and indebted to the board, had been placed on a fee plan to settle its debt, in response to the Chief Government Officer of Ghana Cocoa Board, Joseph Boahen Aidoo.
This got here to gentle when the administration of COCOBOD appeared earlier than the Public Accounts Committee (PAC) of Parliament to reply to infractions contained within the 2021 Auditor-Basic’s report.
The Board, he stated had initiated authorized motion towards a few of the defaulting firms together with Fortune Tree Firm Ltd, Aboafo Consumers, Splendid Enterprise Companies, Nhyira Dua, Hyperlink Commodities and Yemon Ghana Ltd to recuperate the remaining GH¢35 million money owed.
Hooked up to the authorized motion, Mr Aidoo famous have been the guarantors of the seed shopping for firms to help the debt restoration train, including that “we’re going after the guarantors of the collapsed firms to recuperate our funds.”
He indicated that the board had additionally engaged the colourful firms on a fee plan which had enabled them settle the debt whereas working profitably.
“We’ve taken the wanted steps to recuperate all our seed funds which had been in arrears for various cocoa seasons. For these lively firms, we now have agreed on a fee plan and brought authorized motion towards a few of the defaulters. We’re additionally actively pursuing guarantors of the seeds shopping for firms as effectively,” Mr Aidoo famous.
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By October this yr, he stated COCOBOD would launch a cocoa farmer’s pension scheme to cowl greater than 793,000 farmers that would come with contributions from COCOBOD to make sure the welfare of farmers throughout the nation.
He said that COCOBOD had ensured the retirement of GH¢276,830 impress, including that as a management measure, employees had been issued with notices of unretired impress to make sure well timed retirement of impress.
Employees who fail to stick to the notices, he stated have been surcharged to discourage others from doing identical.
Mr Aidoo stated as a part of methods to recuperate overage money owed amounting to greater than US$179 million, COCOBOD had transformed US$85.5 million debt into fairness share in Cocoa Processing Firm Restricted, whereas different debtors together with Area of interest and Afrotropic have paid about US$21.6 million.
“A complete quantity of US$20,089,408.54 has been paid by Barry Cal., Ghana, Chococmax, Area of interest Cocoa Trade and Olam Ghana in settlement of their indebtedness. COCOBOD has made particular preparations with the businesses for compensation of the monies,” he said.
