COCOBOD’s no-syndication policy sparks controversy over credit claim

A fresh political controversy has erupted following comments by New Patriotic Party (NPP) presidential aspirant and former Minister for Food and Agriculture, Dr. Bryan Acheampong, regarding Ghana Cocoa Board’s (COCOBOD) historic decision to abandon syndicated loans for the 2024/2025 cocoa season.

Recent videos circulating on social media show Dr. Bryan Acheampong taking full credit for what many have described as one of the boldest financing reforms in the cocoa sector in decades.

But former COCOBOD Chief Executive, Joseph Boahen Aidoo, has strongly rejected Acheampong’s claims, describing them as “intellectual plagiarism and dishonesty.”

The Policy Shift

In August 2024, COCOBOD announced a landmark departure from its traditional reliance on offshore syndicated loans, which the country had depended on for 32 years to pre-finance cocoa purchases. Instead, a new onshore financing model was introduced to reduce the exposure to external debt, cut borrowing costs, and strengthen monetary policy support.

The policy, backed by President Nana Addo Dankwa Akufo-Addo and Vice President Dr. Mahamudu Bawumia, was hailed as a strategic step towards securing financial sustainability for COCOBOD while enhancing Ghana’s position in the global cocoa market.

Aidoo’s Version of Events

Joseph Boahen Aidoo, who served as COCOBOD Chief Executive when the decision was taken, insists that the initiative was his brainchild, implemented with the support of his management team and the Board of Directors.

According to him, the reform faced stiff opposition from within government—particularly from Dr. Bryan Acheampong, who at the time was the sector minister.

“The no more offshore borrowing or syndication of loans was my brainchild, championed by my team and supported by President Akufo-Addo and Dr. Bawumia. Bryan vehemently opposed it,” Aidoo stressed in a statement.

He further disclosed that when the matter was tabled before the Economic Management Team (EMT), Acheampong was the only official who objected to the policy.

“I am surprised to hear for the first time that the financing model ever went to Cabinet. Bryan’s opposition and disinterest were beyond comprehension,” Aidoo said.

Allegations of Dishonesty

Boahen Aidoo accused Acheampong of attempting to rewrite history for political gain. He argued that Acheampong’s sudden endorsement of a policy he once opposed was not only misleading but also an insult to those who bore the brunt of criticism in order to implement it.

“It smacks of intellectual dishonesty and disrespect to the true architects of this policy reform, particularly the COCOBOD management team and board who took the tough decisions despite resistance,” Aidoo emphasized.

Why It Matters

The cocoa sector remains the backbone of Ghana’s economy, with syndicated loans historically serving as a reliable but costly mechanism for financing annual cocoa purchases. By ending the decades-long dependence on external loans, COCOBOD has saved the country millions in borrowing costs and increased autonomy in managing the sector.