- The COCOBOD CEO says the huge amount was withdrawn at the time the NDC had lost power
- He says there are serious investigations into the matter and the outcome will be made public
It is emerging that the National Democratic Congress (NDC), administration cashed out a whopping $400 million out of the $1.8 billion cocoa syndicated loan after losing the 2016 elections.
According to the Chief Executive of COCOBOD, Joseph Boahene Aidoo, government is investigating the withdrawal of the huge amount which was secured for the 2016/2017 crop season.
The CEO says the whopping amount was cashed out of the COCOBOD account between December 20th and January 2017, when the NDC administration were on their way out of office.
Joseph Boahene Aidoo says Ghanaians will soon get to know the full outcome of their investigations into the fraudulent transaction that took place.
The Chief Executive explained that, the NDC government secured an amount of US$1.8 billion for the 2016/2017 cocoa purchase, which was projected at 850,000 metric tonnes.
However, as at January 2017, the US$1.8 billion had been fully withdrawn and utilized but only 587,125 metric tonnes of cocoa had been purchased.
Mr Boahene Aidoo who spoke to journalists at a press conference on Wednesday said, “The mystery surrounding the exhaustion of the US$1.8 billion is being investigated and the full facts will be made known to Ghanaians in due course. Peculiar to the loan utilization is the last drawdown of US$400.0 million which was effected on 20th December 2016 at the time the NDC had woefully lost the December 2016 elections.”
He added that, “It is still surprising how the full drawdown of US$400.00 million (GH¢1.69 billion) was fully expended between 20th December 2016 and 6th January 2017 when the NPP government took over after 7th January 2017. Audit findings into the utilization of the amount will be made known to Ghanaians at the appropriate time when the full facts are unraveled.”
Mr. Boahen Aidoo insisted that despite the inability of NDC to account properly for the loan, the NPP government was saddled with a debt of GHC19.6 billion after taking over in January 2017.
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