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You’ve got no credibility to challenge Mahama on cocoa pricing issues – Sammy Gyamfi to COCOBOD CEO
The National Communications Officer for the NDC, Sammy Gyamfi has rebuked the CEO of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo for taking on former President John Mahama over his critique of the government’s decision to raise the price of a bag of cocoa to GH¢1,300.
Mr Mahama who is also the flagbearer of the National Democratic Congress (NDC) described it as a rip-off of hardworking cocoa farmers.
But in an open letter dated September 12, 2023, the COCOBOD CEO on former President Mahama to acquaint himself with the process involved in determining the producer price of cocoa.
Mr Aidoo clarified that during the 2023/24 season, cocoa was traded between October 2022 and March 2023 at international prices ranging from $2,200 to $2,400 per tonne.
“Since you have had the privilege of being in government before as the number one gentleman of the country, it is expected that you would be familiar with the process for determining the producer price of cocoa.
“I am, therefore, surprised that you chose, rather erroneously, to use the current international market price of cocoa at $3,600 per tonne as the basis for your calculation in your post on the recently announced producer price,” the letter reads.
“Mr Aidoo explained that Ghana’s cocoa beans are predominantly sold in advance. Consequently, the 2023/24 crop was traded between October 2022 and March 2023 at international rates, ranging from $2,200 to $2,400 per tonne.
“The global price of cocoa began its ascent in April 2023, a period when a significant portion of the 2023/24 crop had already been transacted, as stated in COCOBOD’s release.
“You are fully aware that Ghana’s cocoa beans are mostly sold forward. This means that the 2023/24 crop was sold between October 2022 and March 2023 at international prices; ranging between $2,200 per tonne and $2,400 per tonne.
“The international price of cocoa then began to increase in April 2023, when a greater percentage of the 2023/24 crop had already been sold.”
But reacting to the impasse on Metro TV on Thursday, Sammy Gyamfi said the COCOBOD CEO lacks the credibility to contradict Mr Mahama on such an issue.
According to him, the COCOBOD made profits under Mahama but under the leadership of Mr Boahen Aidoo the institution has been recording losses since this government came into office.
“So President Mahama says if you’re getting ¢2,500 on the international market for every bag of cocoa, then you’re shortchanging the farmer by giving him just ¢1,308 which in percentage terms is 52.7%, not 70.5%.
“So President Mahama knows better than Boahen Aidoo which is why under his leadership COCOBOD made a profit of ¢319 million in 2014, ¢152 million in 2015.”
“Boahen Aidoo knows next to nothing about cocoa which is why under his leadership for six consecutive years together with President Akufo-Addo and Vice President Bawumia has collapsed COCOBOD and made consecutive losses for six years in the history of COCOBOD. So he has no credibility to challenge President Mahama when we are talking about cocoa prices.”
Meanwhile, the Minority in Parliament is demanding the immediate resignation of Mr Boahen Aidoo.
The Minority says Aidoo has mismanaged the cocoa sector and has worsened the plight of cocoa farmers. They argue that he is no longer fit to occupy the position of CEO.
Speaking to journalists in the Ashanti Region, Minority Leader Dr Cassiel Ato Forson said the cocoa sector is collapsing despite an announcement of a 68 per cent increase in the producer price.
Source: Myjoyonline.com
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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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
