2kul_Asingee

A better man tomorrow

[2kul_Asingee @nyarko_joy]

@IanSZNian Makay

[2kul_Asingee @nyarko_joy]

I really feel sad today as a Ghanaian. People with huge following think the MPs and Ministers deserve a motorcade but the ordinary citizen doesn’t. Such a mentality

[2kul_Asingee @nyarko_joy]

@Bennett_Nkay I wouldn’t mind, our politicians get that everyday plus fat allowances

[2kul_Asingee @nyarko_joy]

@_razakmusbau Are you saying the politicians can enjoy it every day but our mothers can’t

[2kul_Asingee @nyarko_joy]

@EiiScanty, I’d rather civilians enjoy police escort every day to make their movements better than the politicians in their air conditioned cars. If they get that on daily basis why can’t our mothers have it

[2kul_Asingee @nyarko_joy]

@domynych Not a lot of people think about and see Kumasi the way you do. Future mayor won’t be bad

[Bright Simons @BBSimons]

COCOBOD WANTS GH¢16.3 ($1.4) BILLION; PENSION MONEY IS ON THE LINE

There was a time when international banks used to queue up to give COCOBOD money. Then the company bungled its credit and lost international market access.

Turning necessity into virtue, Ghana's only cocoa trading monopoly is waiving "domestic financing" as a banner to be proud of. It is turning to the domestic capital market for GH¢14 billion in commercial paper and GH¢2.3 billion in bonds (~$1.4 billion in total). Pension funds are a major target.

Before committing workers’ savings, pension trustees should ask some serious questions. And if they don't, the TUC should force them.

Because, as of now, the whole affair looks too much like a clique gig.

First: Where are COCOBOD’s audited accounts? For 2 financial years, COCOBOD hasn't been able to pass audit.

The prospectus being used to raise money on the Ghana Stock Exchange through the shell company (SPV) Cocobod has set up (Cocoa Capital) only contains the limited review of revenue performed by PwC. Yet it attributes to PwC a conclusion about the sponsor’s “financial position” that isn't possible for that kind of review (see prospectus PDF pages. 4 & 140).

Where is the issuer’s cash? Cocoa Capital’s audited statement records zero cash and GH¢5 million owed for its shares on 8 September. The prospectus later calls those shares “fully paid for in cash”. (see pages 74 & 174 - 177).

The notes being sold to pension funds and others are described as "unsecured" and "limited recourse". However, the directors’ model assumes they are secured by cocoa receivables. Which is true? How are workers' pension savings being protected? (See pages 70, 98, & 154).

Where is the promised cover? Assigned contracts must equal at least 1.2 times outstanding notes. Using the prospectus’s 650,000 tonnes, US$4,500 price and GH¢11.95 exchange rate, a 40% assignment yields GH¢13.98 billion: below even the GH¢14 billion principal (before interest) at the full outstanding amount. (See pages 28 & 88 to 89).

Which is the right rating? 2-year old Beacon rated the notes, true. But the CP supplement in the prospectus in circulation claims Beacon gave the notes “A1 with a stable outlook” when Beacon’s enclosed letter says it assigned the commercial paper ST1(SO), with no stated outlook (see pages 120 & 126). So, who is to be believed? Let's see a correction by Monday.

Which terms govern the transaction? The Commercial Paper matures after 270 days, but another condition prohibits redemption within 12 months. The supplements close subscriptions on 29 September; the public announcement and GCB flyer says 30 September (see prospectus PDF pages 102, 116, & 120 - 121).

Who receives the refinancing proceeds? COCOBOD says it paid GH¢2.306 billion to DDEP bondholders in 2026. The programme still proposes GH¢2.3 billion for legacy refinancing. (see page 153).

Which trustees intend to buy, and on whose independent analysis? Ghana’s SEC has itself warned about credit, liquidity and concentration risks in commercial paper. It is even unclear if the SEC has waived the net worth and audited accounts requirements and if so, on what basis.

Workers deserve answers before their retirement savings are sunk into fresh debt for Cocobod. Surely, we haven't forgotten so soon the defaults on cocoa bills in 2023?

(See linked post in the thread for the full note.)

[2kul_Asingee @nyarko_joy]

@iamrahmanosman He’s not that guy

[Julius Kwame Anthony 𓃵 @fatheranthoni]

Friends, if you have close family members with any chronic health condition, do not trust them to be doing the right things to manage it simply because the necessaries for managing it are in place. The farther away you live from them, the closer your attention is required.

Just don’t trust them. I have grown up to realize some of these folk who disciplined us for being stubborn are more stubborn than us.

Institute mechanisms for independent monitoring and ensure they are not under the influence of friends to drop established medicine for any alternative medicine behind your back.

Also ensure no pastor is whispering to them that the condition is spiritual.

Your very sad day may be one bad advice from a meddlesome neighbor, pastor or family friend away. And you may feel regretfully stupid for allowing it. Prevent it.

[2kul_Asingee @nyarko_joy]

@eastsportsman Hopefully something will Change at OT after this

[2kul_Asingee @nyarko_joy]

@DrManful26 He needs that and then dominate again to become the godManager. I will send you you $10K if it happens

[2kul_Asingee @nyarko_joy]

It’s absolutely wrong in my opinion- these arrests but someone should tell the MP it was needless to lie or exaggerate the incident when there is a video

[2kul_Asingee @nyarko_joy]

@realShahid_ Boss, he cut the sod but not a single block was laid because of financial difficulties. The urology centre was built and is in use though-Not sure GoG financed it. Don’t argue based on news articles.
Trusting these politicians whilst they milk you dry in in 2026 is wild

[2kul_Asingee @nyarko_joy]

@Acheaw_ Have been laughing for 5 mins

[2kul_Asingee @nyarko_joy]

@DrManful26 Doc where do you work. I love your enthusiasm, I would like you to see me

[smallie wey dey mighty @Britney_Tachie]

I believe in burning bridges over political differences. No, it’s not crazy. I don’t need to maintain friendships with people who support systems or political actors committed to denying others access to basic necessities. If you choose to stand with those people, then yes, we can’t be friends.

[2kul_Asingee @nyarko_joy]

@_i_am_Curtis I didn’t know you were frustrated, wow

[2kul_Asingee @nyarko_joy]

@realansudamoah Restructuring/Rebuilding means telling people the truth

[2kul_Asingee @nyarko_joy]

@kwekuVybzz Congratulations Dr.

[2kul_Asingee @nyarko_joy]

@NtimFordjour You are an MP, please show maturity