NDC Withdrew $400m Cocoa Loan After 2016 Election Loss – COCOBOD

The Chief Executive Officer of the Ghana COCOBOD, Joseph Boahene Aidoo, has revealed that a whopping $400 million cedis out of the $1.8 billon cocoa syndicated loan secured for the 2016/2017 crop season, was withdrawn by the opposition National Democratic Congress after the party lost the 2016 presidential election.

According to Mr. Boahene Aidoo, the money was withdrawn between December 20, 2016 and January 2017. He added that the issue is currently being investigated and the outcome of that investigation would be made public soon.

Mr. Boahene Aidoo addressing the media Wednesday explained that, the NDC government secured an amount of US$1.8 billion for the 2016/2017 cocoa purchases, which were projected at 850,000 metric tonnes.

However, in January 2017 the total $1.8 billon had been utilized but only 587,125 metric tonnes of cocoa had been purchased.

“The mystery surrounding the exhaustion of the US$1.8 billion is being investigated and the full facts will be made known to Ghanaians in due course. Peculiar to the loan utilization is the last drawdown of US$400.0 million which was effected on 20th December 2016 at the time the NDC had woefully lost the December 2016 elections.”

“It is still surprising how the full drawdown of US$400.00 million (GH¢1.69 billion) was fully expended between 20th December 2016 and 6th January 2017 when the NPP government took over after 7th January 2017.

“Audit findings into the utilization of the amount will be made known to Ghanaians at the appropriate time when the full facts are unravelled.”
Mr. Boahene Aidoo also accused former President Mahama of influencing the construction of a guest house in Bole – the hometown of the former President – for his comfort.

“The penchant to siphon funds through inflated contracts was rampant in the NDC administration through ill-conceived construction contracts in the cocoa sector.




“These contracts were awarded without proper value for money analysis, bringing into question the motive for the contracts.

For example, the contract for COCOBOD to construct a guest house at Bole in the Northern Region was needless at the time it was awarded. President Mahama was said to have influenced the award to enable him to enjoy comfortable holidays during visits to his constituency.

“Also, the contract to construct a 50,000 metric tonne warehouse at Tema was not considered to be financially and operationally prudent at the time since COCOBOD already had enough warehousing capacity at Tema to sustain its operations into the foreseeable future.

“The warehouse rehabilitation contract at Abuakwa in Kumasi was not required at the time since the facilities were in excellent working condition. Last but not the least, a whopping US$24 million contract was awarded to demolish excellent staff housing quarters in Tema, only to construct new housing facilities raising several questions about the motive for the award of the contract.”

Source:Starrfmonline.com