adverts
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has disclosed that the Ghana Cocoa Board (COCOBOD) is set to receive more than $4 billion in inflows before the close of 2025.
He explained that the funds form part of a new financing arrangement introduced by COCOBOD to support cocoa purchases for the upcoming crop season.
Speaking in an exclusive interview with Joy Business’ George Wiafe, Dr Asiama said the anticipated inflows will strengthen the BoG’s international reserves and improve the central bank’s ability to stabilise the local currency.
adverts
“This development signals to the market that the central bank is well-positioned to intervene when needed to meet the demands of businesses and commercial banks,” he noted.
The Bank’s latest Economic and Financial Data, released in July, put Ghana’s international reserves at $11.1 billion.
In 2023, COCOBOD introduced a new funding framework for cocoa bean purchases, replacing the three-decade-old pre-export syndicated loan system.
Under the new arrangement, global cocoa traders are required to deposit at least 60% of the value of their forward contracts at the beginning of the season.
The deposits are then used to finance purchases from farmers through COCOBOD’s existing partnership with licensed cocoa buying companies (LBCs). In this model, traders fund the LBCs to buy cocoa while COCOBOD acts as an intermediary.
Dr Asiama expressed optimism about the local currency, despite recent exchange rate pressures.
“As regulator, we have taken the needed actions to ensure that things do not get out of hand. Our net international reserves have not run out, and all the indicators point to a favourable outlook,” he stressed.
He assured that the central bank remains committed to a discipline-driven, transparent, and well-regulated market to ensure the cedi trades freely but predictably, anchored in confidence.
However, he cautioned that individuals and businesses exploiting loopholes through offshoring, black market operations, or fraudulent import documentation would face strict sanctions.
Click the link Puretvonline.com | WhatsApp Channel to join the WhatsApp channel
GOT A STORY?
Contact/WhatsApp: +233243201960 or manuelnkansah33@gmail.com
