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$200m boost for cocoa production
The Ghana Cocoa Board (COCOBOD), has received US$200 million loan facility from a consortium of banks for the take-off of the Productivity Enhancement Programmes (PEPs).
The facility is the first tranche of a US$600 million credit from the banks signed in 2017 to enhance both cultivation of cocoa beans and the processing of same in the country.
Chief Executive Officer of the Board, Joseph Boahen Aidoo, who disclosed this in Accra yesterday at the launch of the syndicated loan facility for the PEPs said the facility has come at a right time to support the cocoa sector.
The facility will among others increase cocoa production through the PEPs, irrigation facilities, the expansion of warehousing capacity, processing and promotion of cocoa consumption, as well as, the creation of a reliable database required for the smooth distribution of inputs to farmers.
“We believe this loan will support us to strengthen the cocoa value chain, help alleviate poverty by increasing productivity and promoting a progressive cocoa consumption environment,” the CEO of COCOBOD said.
According to him, through the Board’s own resources, significant progress has been made in efforts to implement the PEPs to increase yield per hectare to at least 1000 kilograms.
For example the cocoa swollen shoot virus disease control programme which is in its second year in the Western and Eastern Regions, Mr Aidoo said, has seen the rehabilitation of several hectares of diseased farms.
Additionally, Mr Aidoo said the 2020 mass pruning exercise which began two months ago has been excellent; adding that, “We have achieved 100 per cent coverage of farm area, giving more prospects for higher yields.”
He assured the investors that the fund would be used judiciously to achieve the intent behind the programme.
The Minister of Food and Agriculture, Dr Owusu Afriyie Akoto, on his part said in government’s effort to ensure the provision of quality extension services and give farmers equal access to all of its interventions, “we have rolled out a cocoa management system which will enable us have adequate and accurate data of our farmers, farms, licensed buying companies input suppliers and other players in the cocoa value chain”.
The cocoa price volatility on the world market, Dr Akoto said, required that domestic processing was increased to ensure a stable income for farmers.
Linking local production and consumption, he said “amidst the current Coronavirus pandemic, I strongly believe that increased intake of cocoa with high concentration of flavanols and its associated components will help significantly in fighting the disease”.
Mr Yasumichi Araki, the Chief Representative of Japan International Cooperation Agency (JICA), the lead of the Consortium, hoping that the partnership would yield the needed result underscored the need for greater support for the protection of farmers’ livelihoods.
The rest of the firms making up the consortium include the Africa Development Bank, Development Bank of South Africa, Credit Suisse, the Industrial and Commercial Bank of China and Italian investment firm CDP.
Source: Ghanaian Times
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
