The Ghana Cocoa Board (COCOBOD)
is worried over a US$131million debt owed by local cocoa processing firms, and
has vowed to retrieve all monies to help boost crop production.
Among the companies
owing the Board are Cocoa Processing Company, West African Mills
Company (WAMCO), Plot
Enterprise, Afro Tropic, and Real Products.
Cocobod has over the
years been supplying cocoa beans to local processing companies on credit at a
discount of 20 percent, targetted at growing local businesses and creating
employment.
Noah Kwesi Amenyah, Public Affairs Manager, Cocobod, told
B&FT in an interview that: “We wish to direct all
processing companies owing the Board to quickly put in measures that clear
their indebtedness for smooth delivery of beans for their operations.
“The Cocobod has put in place arrangements to forestall the
recurrence of such indebtedness by making it mandatory for local processing
companies sourcing cocoa beans from Cocobod to provide bank guarantees.”
He explained that some
of these local cocoa processing companies have not lived up to expectation and owe
these huge monies.
“If you have monies locked up amounting to about US$131million,
it is just proper that we collect it. It belongs to the state, so we need to
redeem all cash.
“It is fair for Cocobod to ask those defaulting companies to
as a matter of urgency pay up the monies to facilitate their operations.”
Mr. Amenyah added: “In spite of the fact that we want to
encourage these processing companies to add value to cocoa, we want them to
also meet their financial commitments; so we are asking them to put in an arrangement
supported by their banks to pay the monies they owe, otherwise we cannot
continue.”
He
explained: “If you have money stuck somewhere because some processors are not
willing or ready to pay, then it affects the extent to which we want to do this
intervention.
“We
are pursuing the companies to retrieve the monies so as to ensure cash flow in
the company’s operations,” Mr. Amenyah stated.
The
Ghana Cocoa Board (COCOBOD) is worried over a US$131million debt owed
by local cocoa processing firms, and has vowed to retrieve all monies to
help boost crop production.
Among the companies owing the Board are Cocoa Processing Company, West African Mills Company (WAMCO), Plot Enterprise, Afro Tropic, and Real Products.
Cocobod has over the years been supplying cocoa beans to local processing companies on credit at a discount of 20 percent, targetted at growing local businesses and creating employment.
Noah Kwesi Amenyah, Public Affairs Manager, Cocobod, told B&FT in an interview that: “We wish to direct all processing companies owing the Board to quickly put in measures that clear their indebtedness for smooth delivery of beans for their operations.
“The Cocobod has put in place arrangements to forestall the recurrence of such indebtedness by making it mandatory for local processing companies sourcing cocoa beans from Cocobod to provide bank guarantees.”
He explained that some of these local cocoa processing companies have not lived up to expectation and owe these huge monies.
“If you have monies locked up amounting to about US$131million, it is just proper that we collect it. It belongs to the state, so we need to redeem all cash.
“It is fair for Cocobod to ask those defaulting companies to as a matter of urgency pay up the monies to facilitate their operations.”
Mr. Amenyah added: “In spite of the fact that we want to encourage these processing companies to add value to cocoa, we want them to also meet their financial commitments; so we are asking them to put in an arrangement supported by their banks to pay the monies they owe, otherwise we cannot continue.”
He explained: “If you have money stuck somewhere because some processors are not willing or ready to pay, then it affects the extent to which we want to do this intervention.
“We are pursuing the companies to retrieve the monies so as to ensure cash flow in the company’s operations,” Mr. Amenyah stated.
- See more at: http://thebftonline.com/business/economy/14891/COCOBOD-vows-to-retrieve-US$131m-debt-from-processing-firms.html#sthash.k29pcos0.dpuf
Among the companies owing the Board are Cocoa Processing Company, West African Mills Company (WAMCO), Plot Enterprise, Afro Tropic, and Real Products.
Cocobod has over the years been supplying cocoa beans to local processing companies on credit at a discount of 20 percent, targetted at growing local businesses and creating employment.
Noah Kwesi Amenyah, Public Affairs Manager, Cocobod, told B&FT in an interview that: “We wish to direct all processing companies owing the Board to quickly put in measures that clear their indebtedness for smooth delivery of beans for their operations.
“The Cocobod has put in place arrangements to forestall the recurrence of such indebtedness by making it mandatory for local processing companies sourcing cocoa beans from Cocobod to provide bank guarantees.”
He explained that some of these local cocoa processing companies have not lived up to expectation and owe these huge monies.
“If you have monies locked up amounting to about US$131million, it is just proper that we collect it. It belongs to the state, so we need to redeem all cash.
“It is fair for Cocobod to ask those defaulting companies to as a matter of urgency pay up the monies to facilitate their operations.”
Mr. Amenyah added: “In spite of the fact that we want to encourage these processing companies to add value to cocoa, we want them to also meet their financial commitments; so we are asking them to put in an arrangement supported by their banks to pay the monies they owe, otherwise we cannot continue.”
He explained: “If you have money stuck somewhere because some processors are not willing or ready to pay, then it affects the extent to which we want to do this intervention.
“We are pursuing the companies to retrieve the monies so as to ensure cash flow in the company’s operations,” Mr. Amenyah stated.
- See more at: http://thebftonline.com/business/economy/14891/COCOBOD-vows-to-retrieve-US$131m-debt-from-processing-firms.html#sthash.k29pcos0.dpuf
The
Ghana Cocoa Board (COCOBOD) is worried over a US$131million debt owed
by local cocoa processing firms, and has vowed to retrieve all monies to
help boost crop production.
Among the companies owing the Board are Cocoa Processing Company, West African Mills Company (WAMCO), Plot Enterprise, Afro Tropic, and Real Products.
Cocobod has over the years been supplying cocoa beans to local processing companies on credit at a discount of 20 percent, targetted at growing local businesses and creating employment.
Noah Kwesi Amenyah, Public Affairs Manager, Cocobod, told B&FT in an interview that: “We wish to direct all processing companies owing the Board to quickly put in measures that clear their indebtedness for smooth delivery of beans for their operations.
“The Cocobod has put in place arrangements to forestall the recurrence of such indebtedness by making it mandatory for local processing companies sourcing cocoa beans from Cocobod to provide bank guarantees.”
He explained that some of these local cocoa processing companies have not lived up to expectation and owe these huge monies.
“If you have monies locked up amounting to about US$131million, it is just proper that we collect it. It belongs to the state, so we need to redeem all cash.
“It is fair for Cocobod to ask those defaulting companies to as a matter of urgency pay up the monies to facilitate their operations.”
Mr. Amenyah added: “In spite of the fact that we want to encourage these processing companies to add value to cocoa, we want them to also meet their financial commitments; so we are asking them to put in an arrangement supported by their banks to pay the monies they owe, otherwise we cannot continue.”
He explained: “If you have money stuck somewhere because some processors are not willing or ready to pay, then it affects the extent to which we want to do this intervention.
“We are pursuing the companies to retrieve the monies so as to ensure cash flow in the company’s operations,” Mr. Amenyah stated.
- See more at: http://thebftonline.com/business/economy/14891/COCOBOD-vows-to-retrieve-US$131m-debt-from-processing-firms.html#sthash.k29pcos0.dpuf
Among the companies owing the Board are Cocoa Processing Company, West African Mills Company (WAMCO), Plot Enterprise, Afro Tropic, and Real Products.
Cocobod has over the years been supplying cocoa beans to local processing companies on credit at a discount of 20 percent, targetted at growing local businesses and creating employment.
Noah Kwesi Amenyah, Public Affairs Manager, Cocobod, told B&FT in an interview that: “We wish to direct all processing companies owing the Board to quickly put in measures that clear their indebtedness for smooth delivery of beans for their operations.
“The Cocobod has put in place arrangements to forestall the recurrence of such indebtedness by making it mandatory for local processing companies sourcing cocoa beans from Cocobod to provide bank guarantees.”
He explained that some of these local cocoa processing companies have not lived up to expectation and owe these huge monies.
“If you have monies locked up amounting to about US$131million, it is just proper that we collect it. It belongs to the state, so we need to redeem all cash.
“It is fair for Cocobod to ask those defaulting companies to as a matter of urgency pay up the monies to facilitate their operations.”
Mr. Amenyah added: “In spite of the fact that we want to encourage these processing companies to add value to cocoa, we want them to also meet their financial commitments; so we are asking them to put in an arrangement supported by their banks to pay the monies they owe, otherwise we cannot continue.”
He explained: “If you have money stuck somewhere because some processors are not willing or ready to pay, then it affects the extent to which we want to do this intervention.
“We are pursuing the companies to retrieve the monies so as to ensure cash flow in the company’s operations,” Mr. Amenyah stated.
- See more at: http://thebftonline.com/business/economy/14891/COCOBOD-vows-to-retrieve-US$131m-debt-from-processing-firms.html#sthash.k29pcos0.dpuf
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