🚨 Pep Guardiola: "If we play like the second-half against Arsenal at Wembley and they play like their second-half during 95 minutes, we are going to win”.
“Well, maybe not, because football is unpredictable. But we will be closer. That is what we want...”.
@tv3_ghana On the unlikely event and Dr Bawumia wins this are the people going to be heading government institutions, giving advice to Bawumia 🤔, apuuu
@DennisMiracles So badly want to equalize the NDC to the bad governance of the Npp, chairman slow down cos you can’t use this tactics to win the middle class.
@kofitonto Under Akufo-Addo, the farmer can buy 258 gallons of oil at 1200gh, 387bags of 50kg rice at 800gh. Under Mahama, the farmer is better off with the little he’s getting, if he decides to spend all money on oil he’s getting 497gallons at 520gh, 517bags of rice at 500gh
Minister for Finance discloses the CAUSES OF THE SITUATION in the Cocoa sector as follows.
The current situation is largely driven by the unwillingness of buyers to purchase Ghana’s cocoa because it has become uncompetitive.
Cocoa from other producing countries is now selling at prices, significantly lower than the producer price of Ghana.
Meanwhile, COCOBOD did not have the liquidity to purchase cocoa from farmers and stock for hedging or other trading decisions. This was due to the financing model invented in 2024/25 when the syndicated loan failed. Under that model, the buyers (off-takers) financed the purchases.
By 2022, COCOBOD's finances had deteriorated badly. It defaulted and restructured the Cocoa Bills in 2023.
For the first time, in 2023, the annual syndication suffered significant delays due to loss of confidence in the Ghanaian economy. The first tranche was received on 22nd December 2023, four months after the commencement of the season.
COCOBOD projected an output of 800,000 tonnes, and committed 786,672 tonnes in contracts in the 2023/24 crop season. However, actual production was 432,145 tonnes, a deviation of 45% from the projected output.
Variations in crop forecasts typically vary between 5% to 15%. Hence, a deviation of 45% was unprecedented. This resulted in huge rollover contracts of 333,767 tonnes at an average price of US$2,661 per tonne.
This resulted in a loss of over US$1 billion which would have gone to cocoa farmers and other stakeholders.
In 2024, COCOBOD could not pay the final tranche of the syndicated loan which was due in July 2024, and received a US$70 million bridge financing from the Ministry of Finance to avert a default.
Despite a commitment to repay the US$70 million bridge finance owed to the Ministry of Finance, COCOBOD defaulted, highlighting the dire financial straits of the organization at the time. This debt has since been inherited by the current management of COCOBOD.
@Gen_Buhari_@abbeyrandy No this is wat happens when you have a listen government unlike your government who will impose unnecessary taxes ( e-levy, Covid-19 levy, betting tax) at a time the people were crying of hardship. Your useless government was adamant to impose those taxes and even celebrated it.