Source: newsthemegh.com
Dr. Ernest Addison, the governor of the Bank of Ghana (BoG), has revealed that the unpaid sums due to cocoa bill investors will be paid in the upcoming weeks.
During Monday, March 20,24’s 117th MPC press briefing, the Governor gave investors an assurance that COCOBOD will be prepared to make the pending payments.
A number of the nation’s banks and the government decided to restructure GHS 8.1 billion worth of cocoa debts.
The government’s larger domestic debt restructuring program (DDEP), which sought to restructure a total of GHS 123 billion in domestic debt, included the restructuring.
“Regarding the sale of cocoa bills to individuals, I did assure that we would look at it because individuals were not to have been sold cocoa bills in the first place.
“It was an unfortunate outcome. Since then, I am aware that the COCOBOD has settled quite many individual cocoa bill holders. But I am also aware that it’s not completed yet and that there are a few outstanding ones as well.
“COCOBOD has assured us that they will be addressing that within the next few weeks. So be rest assured that, that issue has been taken care of,” he said.
The government’s larger domestic debt restructuring program (DDEP), which sought to restructure a total of GHS 123 billion in domestic debt, included the restructuring.
In order for Ghana to receive the second instalment of $600 million under the $3 billion in balance of payment support provided by the IMF as part of the nation’s bailout program, the debt restructuring had to be completed successfully.