Ghana: The Cocobod, bad payer

Ghana’s cocoa industry (850,000 tonnes per year), the world’s second largest producer behind its neighbour Côte d’Ivoire, is going through a difficult financial period. According to indiscretions reported by the financial information agency Bloomberg, Cocobod, the Ghanaian regulatory authority of the sector, has multiplied the unpaid amounts in recent weeks from companies approved to purchase cocoa, which deliver the beans after collection from the producers. According to sources quoted by the American media, these debts are estimated to reach cumulative arrears of nearly 1.2 billion cedis (210 million dollars). This was due to the fall in cocoa prices and the disruption of global supply chains in the wake of the coronavirus crisis, which severely affected the regulator of the Ghanaian cocoa sector. Contacted by Bloomberg, the Cocobod’s management, however, was reassuring, explaining that « sales are being normalized » and that all debts will be paid « in the coming weeks ». To be continued…