Source: newsthemegh.com
More than 90% of holders of cocoa bills submitted exchange requests as part of the new initiative, demonstrating the program’s tremendous success for the government of Ghana.
The Minister of State for Finance, Dr. Mohammed Amin Adam, praised this success and called it a significant victory for the nation.
The money earned from this endeavor will be used to pay for future cocoa purchases. Dr. Adam announced this information at the Chartered Institute of Taxation’s International Taxation Conference.
In response to COCOBOD’s (Ghana Cocoa Board) request for more funding, the government announced the exchange of about 8.0 billion to refinance cocoa purchases for the following season.
The Minister of State emphasized the program’s accomplishments and their favorable effects on the local market.
“We have successfully paid bondholders through the new exchange and have concurrently received an outstanding response in the tendering process, with over 90% participation for cocoa bills totaling 7.9 billion and a dollar exchange equivalent of $809 million,” the speaker said. Detailed announcements will come after settlements are finalized.
The theme for the annual tax conference was “Taxation and Economic Development: A Review of Ghana’s Tax Policies.”