Tag: COCOBOD

Ghana Cocoa Board (COCOBOD) has responded to widespread concerns regarding a circulated memo proposing the procurement of iPad keyboards for its Board of Directors.

The memo, originating from the Information Systems Department, sought approval for the purchase of iPad keyboards priced at Four Thousand Five Hundred Cedis (GH¢4,500.00) each for the board.

This led to significant criticism both online and offline.

However, in a statement released on April 1, 2024, COCOBOD management clarified that the memo was merely a proposal request and had not been authorized for procurement.

It clarified that the request was made in light of adopting the “CONVENE” app to enhance productivity and reduce paper usage during board meetings.

The statement emphasized that the request is still pending approval, and that no transactions have taken place.

The Ghana Cocoa Board (COCOBOD) is preparing to transfer approximately 44,769 farms to more than 29,441 beneficiary farmers across the nation.

This initiative, announced by COCOBOD’s Chief Executive, Joseph Boahen Aidoo, is designed to provide support to farmers within 51 cocoa districts.

According to reports from the Daily Guide network, these farmers will receive assistance from students at the Bunso Cocoa College to establish their farms using products and knowledge gained from the college.

Previously focused on training COCOBOD staff, particularly in extension and technical services, the Bunso Cocoa College has been revamped into a diploma-granting institution.

This transformation aims to bolster the sustainability of the cocoa sector by equipping graduates with expertise in cocoa agronomy, traceability, sustainability, and other pertinent areas.

A significant aspect of this overhaul is the establishment of the governing council of the Bunso Cocoa College. Comprising 10 members, including Chairman Dr. Ebenezer Owusu and Deputy Chief Executive Dr. Mercy Asamoah, this council seeks to enhance the institute’s governance framework.

Additionally, it will supervise the creation of specialized training programs to furnish students with contemporary skills, benefiting both the learners and society as a whole.

Sources from Ghana’s cocoa sector regulator, COCOBOD, indicate that the anticipated cocoa output for the 2023/24 season is likely to significantly miss expectations, with an estimated 40 percent shortfall from the target of 820,000 metric tons.

Contributing factors to this decline include adverse weather conditions, smuggling activities, illegal gold mining, and the prevalence of swollen shoot disease.

Expressing concerns over the production shortfall, the first source informed Reuters that strong seasonal winds and insufficient rainfall have worsened the situation, with the current output forecasted to be around 500,000 tons for the season.

Addressing the challenges, the source noted, ‘Unfortunately, the cause of the decline could not be remedied immediately through human intervention.’

In the preceding 2022/23 season, COCOBOD reported a loss of approximately 150,000 tons of cocoa attributed to smuggling and illegal gold mining, locally referred to as galamsey. Additionally, the regulator revealed earlier this month that the cocoa swollen shoot virus had ravaged around 500,000 hectares of cocoa farmlands.

Efforts to address these production challenges are underway, according to the first source, who cited ongoing farm rehabilitation projects, the commencement of the rainy season, and collaborative endeavors with security agencies to combat smuggling activities.

Despite the current challenges, the second source maintains optimism regarding Ghana’s potential for production recovery. However, COCOBOD did not provide comment on the matter.

The decrease in cocoa production from both Ghana and Cote d’Ivoire, alongside mounting deficits, has propelled global cocoa prices to unprecedented levels.

Traders are grappling with heightened demand and pricing volatility, with London cocoa futures surpassing the psychological threshold of £5,000 and New York cocoa breaching the $6,000 mark.

The surge in cocoa prices is starting to impact retail markets, with chocolate manufacturers like Hershey anticipating a slowdown in consumer demand due to rising costs.

Samuel Adimado, president of Ghana’s cocoa buyers group, described the current production forecast as ‘devastating,’ noting that member firms are adjusting their operations to remain viable amid these challenges.

Highlighting the alarming trend, the first source emphasized that escalating global cocoa prices have incentivized smuggling activities, potentially leading to even greater losses in the current season.

Joseph Boahen Aidoo, the Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), emphasized the organization’s dedication to providing cocoa farmers with competitive prices as a means to combat cocoa smuggling.

During his appearance before the Public Accounts Committee (PAC) of Parliament on Tuesday to address infractions highlighted in the Auditor-General’s Report for the year ending December 2022, Mr. Aidoo highlighted the effectiveness of COCOBOD’s collaboration with national security agencies in combating the issue. However, he stressed that offering favorable prices remains the most effective long-term solution.

According to Aidoo, ensuring good cocoa prices would act as a deterrent for farmers involved in smuggling Ghana’s cocoa to neighboring countries.

“We have made a lot of arrests. We have arrested people smuggling cocoa in jerrycans among others. But that will not solve the problem. The solution is bringing a new price,” he stressed. 

In 2023, Ghana allegedly lost approximately 150,000 metric tonnes of cocoa beans, amounting to around $600 million in revenue during the last crop season, due to smuggling activities to neighboring Burkina Faso and Togo.

In September of the same year, the government raised the purchase price of a bag of cocoa from GH¢800 per 64 kilograms (kg) to GH¢1,308.

From GH¢12,800 per tonne to GH¢20,943 per tonne of raw cocoa beans, represents a 63.5% increase.

In November 2020, Chief Executive Officer of COCOBOD, Mr Joseph Aidoo was accused of money laundering and nepotism in a contract awarded to his son, Joseph Seth Aidoo Jnr.

Agri-Plus Horizon Farm Limited, established in 2017, secured an exclusive contract in which they were granted the sole source for supplying 75,000 liters of Transform Akate Insecticide at a rate of US$103.5 per liter, totaling US$7,762,500.00.

Agri-Plus Horizon Farm Limited also sub-contracted the contract at US$80.80357 to Aedis Holding Limited (AEDIS), a company owned by one Joseph Seth Aidoo Jnr, believed to be the son of the Chief Executive Officer of COCOBOD, Mr Joseph Aidoo.

AEDIS also further subcontracted Dow Agrosciences Limited (DOW) Limited, a company based in UK to supply the said insecticide.

Ghana Cocoa Board (COCOBOD) reacted to allegations of nepotism, corruption, and money laundering in the Agri-Plus deal in a press statement dated Tuesday, November 17, 2020.

They denied the claims of nepotism, corruption and money laundering.

Read a copy of COCOBOD’s reaction below

RE: ALLEGATIONS OF NEPOTISM, CORRUPTION AND MONEY LAUNDERING AT GHANA COCOA BOARD

Our attention has been drawn to a document circulating on several online and social media platforms purported to emanate from the Financial Intelligence Centre, Ghana, which alleges wrong doing by COCOBOD awarding a contract for the procurement of Transform Akate Insecticide from Agri-Plus Horizon Farm Limited through the sole sourcing method.

The document further alleges that there is suspicion that the decision by COCOBOD to sole source the contract to Agri-Plus may have been founded on the grounds of nepotism and / or trade based money laundering.

Sole Sourcing

We wish to state that the decision to sole source insecticides and other chemicals for COCOBOD operations is based on COCOBOD’s need for specific purposes. COCOBOD only procures insecticides or chemicals that have been tested and certified by the Cocoa Research Institute of Ghana (CRIG).

It should therefore be noted that different insecticides have different active ingredients (the killing agent), different levels of concentration of active ingredients, different rates of applications per hectare of cocoa farm and different manufacturing sources.

Some products have systemic effect while others take effect on contact with the insect. Some products are also formulated as cocktails and have both systemic and contact properties combined.

A company that holds the CRIG certificate for a particular product has proprietary right in the product and consequently COCOBOD can procure the product from only that company.

At the beginning of each crop season COCOBOD decides on the various insecticide and chemicals to be procured for the season based on the projected threats to the crop for that year. The insecticide application is varied periodically to reduce the chances of the insects developing resistance to a particular insecticide.

In the case of Transform Akate Insecticide mentioned in the document, Agriplus Horizon Farms Limited is the company that holds the CRIG certificate for the product.

Approval was, therefore, sought from the Public Procurement Authority to procure the product amongst others through the sole sourcing method for COCOBOD’s operations.

Nepotism

We wish to state categorically that the suspicion that the decision by COCOBOD to sole source the contract to Agri-Plus may have been founded on grounds of nepotism is completely baseless and untrue.

The Chief Executive of Ghana Cocoa Board, Hon Joseph Boahen Aidoo is not in any way related to Joseph Seth Aidoo Junior mentioned in the document in relation to Agri-Plus Limited. The said Joseph Seth Aidoo Junior is neither a son of Hon Joseph Boahen Aidoo nor are they related in any way.

We therefore urge the general public not to give the allegations contained in the said document any weight.

SIGNED
FIIFI BOAFO
HEAD OF PUBLIC AFFAIRS

The National Democratic Congress’ Asunafo South MP, Eric Opoku has strongly criticized the allocation of GH¢302 million in the 2024 budget for the purchase of solar torchlights by Ghana Cocoa Board (COCOBOD).

The torchlights are to be distributed free of charge to cocoa farmers across the country.

However, Mr. Opoku is emphasizing that the allocated funds are inappropriate, considering that COCOBOD is currently facing financial constraints and is unable to pay contractors.

“After increasing your own expenditure, your allowances, by 589%. This is how you have expended cocoa farmers money. Mr Speaker, even this year, what is surprising now that we are in crises, everybody is complaining about the state of affairs at COCOBOD. We know COCOBOD is struggling and stumbling. COCOBOD is casting for breath. Mr Speaker, you have provided in your budget that you are going to use 302, 910.00 to purchase torchlights, solar torchlights. Is that your priority at this time . Solar torchlight in your own budget. So you didn’t read the budget, is here. Your own budget you are committing 302.910.00, 3 trillion old cedis to buy solar torchlights at the time that you cannot even pay contractors.” he expressed.

Ahead of the approval of a $803 million loan between COCOBOD and several banks, Mr. Opoku expressed concerns to the Ghanaian parliament on Friday, November 17, 2023, during a debate, stating that COCOBOD was experiencing “reckless mismanagement” in spite of being in a “crisis” and “struggling to survive.”

He claimed that since the New Patriotic Party (NPP) took office in 2017, the Board’s chances have been deteriorating.

“We [Mahama government] handed over COCOBOD to them [Akufo-Addo government] in 2017. In 2017, they incurred a loss of GH¢395 million. In 2018, the loss came down to GH¢78.2 million. In 2019, it increased to GH¢320 million. In 2020, it increased to GH¢428 million. In 2021, it is GH¢2.4 billion. In 2022, it jumped to GH¢2.3 billion, yet the Minister [of Food and Agriculture] is saying that COCOBOD is back on track, where he is projecting a loss of GH¢2.6 billion this year, yet you say that this company is on track?”.

In a surprising turn of events during the trial of former COCOBOD boss, Dr. Stephen Kwabena Opuni, and two others, Principal State Attorney Stella Ohene Appiah faced accusations of attempting to mislead the High Court with false information.

The defence lawyers raised objections, asserting that she misrepresented facts while discrediting their concerns about the court registrar’s failure to provide the record of proceedings related to Justice Clemence Honyenuga.

Dr. Opuni, businessman Seidu Agongo, and Agricult Ghana Limited are facing a total of 27 charges, including defrauding by false pretence, causing financial loss to the state, corruption by public officers, and contravention of the Public Procurement Act in the purchase of Lithovit liquid fertiliser between 2014 and 2016.

Despite pleading not guilty, they are each on GH¢300,000.00 self-recognizance bail.

During the court session on Wednesday, November 22, the Principal State Attorney claimed that the parties had been provided with the record of proceedings.

“The last sitting of every week, which happens to be on a Thursday, parties were served records on either the following Monday or Tuesday,” she said, pointing to the era of the previous judge, Justice Clemence Honyenuga.

However, both defense counsels, fully attentive, were determined not to let any ‘falsehood’ become part of the court records. Swiftly, they rose to their feet to ensure that the facts were presented accurately.

Samuel Codjoe, counsel for the first accused, had previously informed the court multiple times that their hands were metaphorically tied behind them. He accused the registrar of intentionally withholding the proceedings, emphasizing the challenges they faced in obtaining necessary documentation which he said “has made it impossible to conduct our defence because we require the records to enable us to complete our examination.”

However, he pointed out that, despite a repeated order on November 21, the registrar provided him with about 3,000 pages of documents in a disorderly manner around 4 pm on November 22. This was despite the fact that the order was initially given on July 12.

Benson Nutsukpui, counsel for the second and third accused persons, further emphasized that as of November 22, he had not yet received the record of proceedings.

“There is no chronology in this bundle of paper. It has nothing to do with we counsel not performing our duty at all. We send letters, and we don’t get the copies. The bundle of papers does not qualify to be record of proceedings. It’s unfortunate that, the impression seems to be created in this particular matter is that the registry does not obey rules of practice,” Mr. Benson said as he pointed to the proceedings beside his learned colleague Samuel Codjoe.

Stella Ohene Appiah, however, persisted in asserting that the parties to the case had access to the proceedings. She even went so far as to say that the defense had attached proceedings in the appeal against the rejection of the submission of no case, which she said was heard by the higher court.

“We are saying that we have always had proceedings from the court until the court was differently constituted,” she asserted but Mr. Codjoe interjected, “Counsel is misleading the court. Because, the appeal on the submission of no case has not been determined.”

The Principal State Attorney decided to reframe his submission.

“My Lord, submission of no case filed by counsel went all the way to the Supreme Court, and there was a review. After the decision of the trial court, calling upon the accused persons to open their defense, they filed an application invoking the supervisory jurisdiction of the Supreme Court to quash the decision of the high court, and to prohibit the trial judge from further hearing the case.

“This application went all the way to the review bench of the Supreme Court. As I said earlier, proceedings were attached to this application. This is what I meant when I said the submission of no case went to the Supreme Court.”

But Samuel Codjoe still rebutted: “When the prosecution says that, when we applied for certiorari (judicial review) to quash the decision of the high court at the Supreme Court, we attached the records of proceedings, that is false.

“One, the application is on the docket for everybody to see. When you apply for a judicial review, you don’t attach the record of proceedings; we attach the ruling. And if there are one or two proceedings, you attach. It’s very easy for my learned friend to verify from the case docket.”

Nevertheless, Stella Ohene Appiah insisted on promoting the narrative that all parties received weekly proceedings. The defense counsels for the accused individuals refuted her claims, advising her to speak solely for the prosecution.

Lawyer Codjoe emphasized that they only obtained specific proceedings when applying to support certain motions. He asserted that his side had never received the record of proceedings without applying for it, unlike how the court treated the prosecution.

Upon this clarification, the Principal State Attorney backtracked, acknowledging that the prosecution made just one application for the proceedings. She stated that since then, they had been given copies of the records of proceedings without reapplying under Justice Honyenuga.

Both Samuel Codjoe and Benson Nutsukpui challenged Stella Ohene Appiah to provide proof that they had been served with records of proceedings in the past, as the court would always have evidence of that. Stella Ohene Appiah appeared taken aback by this challenge.

While murmuring, the trial judge, Justice Aboagye Tandoh, sensed that the principal state attorney had been found wanting.

The judge intervened, asking the defense counsel to abandon their demand for evidence to allow the court to make progress.

The judge also acknowledged the necessity for the court record to be kept in an orderly and paginated manner, as argued by Lawyer Codjoe.

“Every document is supposed to be paged. Anything short of this cannot be the record of proceedings,” Justice Tandoh noted.

Ghana is set to secured its annual loan to fund cocoa purchases at a historically high interest rate, a consequence of this year’s debt restructuring that diminished investor appeal for the West African nation.

Two individuals familiar with the deal’s terms revealed that international banks have committed to lending the Ghana Cocoa Board (Cocobod) $800 million for cocoa purchases from farmers at an interest rate approaching 8%. This marks the most expensive syndicated facility obtained by Cocobod since the inception of the annual loans in 1992-93, according to the sources who requested anonymity as the transaction is not yet public.

Traditionally, Cocobod has secured loans at more favorable rates than the government, averaging around 2%. However, this year’s negotiations were complicated by Ghana’s debt restructuring, a prerequisite for accessing a $3 billion government bailout from the International Monetary Fund.

As the world’s second-largest producer of cocoa, Ghana heavily relies on foreign funding to compensate farmers for beans that are subsequently exported. This external financing is also crucial for the central bank to maintain a stable supply of foreign exchange and stabilize the national currency, the cedi.

Typically, Cocobod conducts an investor roadshow between June and July, finalizing the syndicated facility in September before the commencement of the new harvest in October. However, this year, the loan is anticipated to be signed at the end of the month, involving eight participating banks, including Coöperatieve Rabobank UA as the lead arranger, along with Standard Chartered Plc and Societe Generale SA.

The loan amount is the lowest in at least 16 years, reflecting challenges faced by Cocobod in raising funding and falling short of the $1.2 billion required to purchase beans from growers in the current season. Consequently, Cocobod has arranged to borrow $400 million from cocoa traders such as Olam Group Ltd. and Barry Callebaut AG to bridge the gap.

Additionally, the board plans to leverage higher cocoa prices this year by selling on the spot market to fulfill its liquidity needs, according to the sources. Spokespeople for Coöperatieve Rabobank UA, Standard Chartered Plc, and Societe Generale SA declined to comment, and Fiifi Boafo, a spokesperson at Ghana Cocoa Board, also refrained from providing comments when contacted by phone.

The Minority in Parliament has accused Joseph Boahen Aidoo, the CEO of COCOBOD, of spreading falsehoods regarding the 2023/24 cocoa forward sales.

The caucus alleges that Aidoo lied about the proceeds from the sales, despite criticism from former President John Dramani Mahama, who accused the government of shortchanging cocoa farmers.

The Minority is demanding an apology from Aidoo for justifying what they perceive as mistreatment of cocoa farmers.

Documents submitted to Parliament, according to the minority, contradict the CEO’s claims, revealing that only 36.2% of the projected cocoa output for the 2023/24 season was sold forward.

“It has now emerged that the CEO of COCOBOD told deliberate falsehood in his desperate attempt to justify the rip-off that the Akufo-Addo/Bawumia government has meted out to our hard working cocoa farmers. Former President Mahama was spot on when he said that the insensitive Akufo-Addo/Bawumia government is shortchanging cocoa farmers whose toil and sacrifices continue to sustain the country’s economy.

“The incompetent and dishonest CEO of COCOBOD in his bid to deceive our hard working farmers, threw truth and integrity to the dogs and sought to attack the credibility of President Mahama for exposing this grand heist. The Minority Group wishes to state for the record that Joseph Boahen Aidoo has lied to cocoa farmers and the entire nation. He had no basis whatsoever to impugn ill motive into what was a statement of fact by the respected former President. He therefore owes President Mahama, hardworking cocoa farmers and the entire nation an unqualified apology,” part of the statement read.

The group added that in the coming days, they will be embarking on a series of engagements with cocoa farmers across the country on the matter.

“In the coming days, the Minority Group in Parliament shall, in conjunction with the NDC Communications Bureau, embark on a series of engagements with cocoa farmers across the country. Our hard working farmers deserve to know the whole truth about this gross injustice that has been meted out to them by the corrupt and insensitive Akufo-Addo/Bawumia/NPP government,” the statement added.

Below is the full statement by the ranking member, Eric Opoku:

COCOBOD CEO LIED OVER COCOA FORWARD SALES; HE MUST RENDER AN UNQUALIFIED APOLOGY TO PRESIDENT MAHAMA IMMEDIATELY

1. The Minority in Parliament has come by indisputable evidence that exposes a blatant lie peddled by the Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo, about Ghana’s 2023/24 cocoa forward sales.

2. It would be recalled that, shortly after the announcement of the farm-gate price of cocoa for the 2023/24 cocoa season, former President Mahama criticized government for shortchanging cocoa farmers by pegging the farm-gate price at a paltry GHS1,308 despite a 46-year record-high surge in the world market price.

3. President Mahama’s comments were grounded on the fact that, our hard working cocoa farmers deserve far more of the international market price, than they were given by the insensitive Akufo-Addo/Bawumia government, particularly given the unbearable cost of living and hardships they currently reeling under.

4. However, in a so-called Open Letter to former President Mahama dated 12th September, 2023, the Chief Executive Officer of COCOBOD Joseph Boahen Aidoo, took issues with President Mahama. He questioned President Mahama’s understanding of how the producer price of cocoa is determined and claimed that the former President erroneously used $3,600 as the world market price to calculate the producer price.

5. In that statement, the COCOBOD CEO claimed that consistent with practice, Ghana’s cocoa beans are “mostly sold forward”, and that “the 2023/24 crop was sold between October 2022 and March 2023 at international prices; ranging between $2,200 per ton and $2,400 per ton.” The incompetent and dishonest COCOBOD CEO went on to say that, “the international price of cocoa then began to increase in April 2023, when a greater percentage of the 2023/24 crop had already been sold.”

6. It has now emerged that the CEO of COCOBOD told deliberate falsehood in his desperate attempt to justify the rip-off that the Akufo-Addo/Bawumia government has meted out to our hard working cocoa farmers.

7. According to documents submitted to Parliament by COCOBOD as part of processes for the approval of the syndicated loan for cocoa purchases for the 2023/24 crop season, it was disclosed that only 36.2% of our cocoa for this season was sold forward and used as collateral to secure the $800 million syndicated loan.

8. Specifically, Paragraph 7.2 of the Joint Memorandum to Parliament by the Minister for Food and Agriculture and the Minister of Finance on the approval of the terms of the $800 million syndicated facility partly reads; “The facility does not add to Ghana’s debt stock. The loan is backed by cocoa sales contracts, and the quantity of cocoa collateralized for its repayment is about 36.20% of the anticipated production”.

9. For the avoidance of doubt, 36.2% of the projected cocoa output for the 2023/24 season translates to a paltry 307,700 tons. This volume of cocoa cannot by any stretch of imagination constitute a “greater percentage” of our projected annual production volume (i.e 850,000 tons) as claimed by the CEO of COCOBOD in his deceitful response to President Mahama.

10. Simply put, the incompetent and dishonest CEO of COCOBOD lied to the good people of Ghana when he claimed that a “greater percentage” of Ghana’s cocoa for the 2023/24 season was sold forward at a price of $2,600.

11. COCOBOD further disclosed to Parliament that the remainder of 63.8% of our 2023/24 cocoa output, which translates to 542,300 tons would be sold on the market at spot prices, which has been ranging between $3,600 and $4,000. This is contained at paragraph 4.2 of the Joint Memorandum. If COCOBOD succeeds in selling the remainder at the minimum spot price of $3,600 per ton as a worst case scenario, COCOBOD would have shortchanged our hard working cocoa farmers to tune of $542,300,000 (GHC6.5billion).

12. As a matter of fact, further information submitted to Parliament indicates that, COCOBOD has already sold part of the remaining 63.8% of our cocoa output for the 2023/24 season at spot prices ranging between $3,500 and $3,770 per ton from October to mid-November 2023.

13. Clearly, Former President Mahama was spot on when he said that the insensitive Akufo-Addo/Bawumia government is shortchanging cocoa farmers whose toil and sacrifices continue to sustain the country’s economy.

14. The incompetent and dishonest CEO of COCOBOD in his bid to deceive our hard working farmers, threw truth and integrity to the dogs and sought to attack the credibility of President Mahama for exposing this grand heist.

15. The Minority Group wishes to state for the records, that Joseph Boahen Aidoo has lied to cocoa farmers and the entire nation. He had no basis whatsoever to impugn ill motive into what was a statement of fact by the respected former President. He therefore owes President Mahama, hardworking cocoa farmers and the entire nation an unqualified apology.

16. In the coming days, the Minority Group in Parliament shall in conjunction with the NDC Communications Bureau, embark on a series of engagements with cocoa farmers across the country on this subject. Our hard working farmers deserve to know the whole truth about this gross injustice that has been meted out to them by the corrupt and insensitive Akufo-Addo/Bawumia/NPP government.

SIGNED.
HON. ERIC OPOKU
(MP for Asunafo South and Ranking Member for Food and Agriculture)

The Ghana Cocoa Board (COCOBOD) has reassured its stakeholders that it has made the necessary arrangements to secure sufficient funding for cocoa purchases in the upcoming 2023/24 crop season.

In response to recent media publications regarding funding concerns, COCOBOD issued a statement highlighting  that “the Board has so far received firm response from our bankers in this regard, and the Cocoa syndicated Loan has been laid in Parliament for consideration and approval.”

Clarifications were made in the statement that COCOBOD had planned a two-pronged financing approach for the 2023/2024 crop season to diversify its funding sources for annual cocoa purchases.

The strategy involved a pre-financing arrangement with international buyers to raise $400 million for purchases at the season’s outset in September 2023.

These initial funds were expected to be supplemented by an additional $800 million loan from a syndicate of lenders by the end of November 2023.

However, after several weeks of engagements with buyers, the arrangement was terminated.

“Thus, since the beginning of the season, cocoa purchases have been financed with non-collateralised cocoa sales proceeds. COCOBOD is therefore still in the process of securing the syndicated loan for the 2023/24 crop season,” the statement said.