The Ghana Cocoa Board (COCOBOD) has attributed its profit posted for the 2022/2023 crop season to the restructuring of the cocoa bills worth ¢7.9 billion.
The cocoa regulator returned to profit after ending a six year losing streak, following the restructuring.
Chief Executive Officer Joseph Boahen Aidoo said the impact of the restructuring exercise has been positive.
Speaking after a visit to some cocoa farms in the Western and Central regions of Ghana, Mr. Boahene Aidoo said the cocoa regulator posted some ¢2.3 billion profit through some key measures put in place by the regulator and the government.
"Imagine paying interest of over 30% on a GH¢7.9 billion debt. It was just head-crushing. The 12.5% is manageable and has brought some big relief to COCOBOD".
"It has been very positive, before the restructuring, we were paying interest of around 30 per cent. However, with the restructuring, the coupon rates have reduced to 12.5%”, he said.
COCOBOD posted losses of GH¢199 million, GH¢395 million, GH¢78 million, GH¢275 million and GH¢426 million in the preceding years, of 2022, 2021, 2020 2019 and 2018 respectively.
Background
The COCOBOD launched a debt securities exchange programme last year to restructure cocoa bills.
Under the programme, the board invited holders of its short-term debt securities (the Cocoa Bills) to voluntarily offer to exchange their Cocoa Bills for longer-term debt securities with averagely lower coupon rates.
Holders of the Cocoa Bills whose offers were accepted received five new bonds, which would mature in 2024, 2025, 2026, 2027 and 2028.
The new bonds came at a coupon rate of 12.5%.
Latest Stories
-
Providing quality seeds to farmers is first step towards achieving food security in Ghana
5 mins -
Give direct access to Global Health Fund – Civil Society calls allocations
3 hours -
Prince Harry jokes in tattoo sketch for Invictus
4 hours -
Akufo-Addo commissions 200MW plant to boost economic growth
4 hours -
Smallholder farmers to make use of Ghana Commodity Exchange
4 hours -
I want to focus more on my education – Chidimma Adetshina quits pageantry
4 hours -
Priest replaced after Sabrina Carpenter shoots music video in his church
4 hours -
Duct-taped banana artwork sells for $6.2m in NYC
5 hours -
Arrest warrants issued for Netanyahu, Gallant and Hamas commander over alleged war crimes
5 hours -
Actors Jonathan Majors and Meagan Good are engaged
5 hours -
Expired rice saga: A ‘best before date’ can be extended – Food and Agriculture Engineer
5 hours -
Why I rejected Range Rover gift from a man – Tiwa Savage
5 hours -
KNUST Engineering College honours Telecel Ghana CEO at Alumni Excellence Awards
5 hours -
Postecoglou backs Bentancur appeal after ‘mistake’
6 hours -
#Manifesto debate: NDC to enact and pass National Climate Law – Prof Klutse
6 hours