- The Ghana Cocoa Board (COCOBOD) has acknowledged receipt of the first portion of funds to boost cocoa production in Ghana
- A $600 million deal was signed in November 2019 to that effect
- Out of the amount, $200 million has been received and will be used for the same purpose
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COCOBOD has announced it has received $200 million out of the $600 million to improve cocoa production.
With observers all over the globe witnessing the event, a ceremony was held in Accra to mark the receipt of the fund.
YEN.com.gh understands that the board intends to use the funds to increase cocoa yields per hectare and increase Ghana’s overall production.
READ ALSO: Banks in Ghana need "magic" to continue doing business - Expert
Per a report by graphic.com.gh, a $600 million deal was signed in November 2019 to that effect.
Measures would also be put in place to allocate finance to increase the fertility of cocoa plants, improve irrigation systems, and rehabilitate aged and infected cocoa farms.
In other news, an expert in supply chain, logistics, and industrialisation, Professor Douglas Boateng, has predicted Ghana could earn over GHc300 million from the production of face masks.
According to him, the outbreak of the coronavirus has led to a booming industry that could generate income for Ghanaian entrepreneurs.
He added that there is an increased demand for personal protective equipment (PPE) and with the instruction from the government to everyone in Ghana to wear a mask, it could be a profitable avenue to explore.
READ ALSO: World Bank gives Ghana $315 million to create jobs and develop skills
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