By affedzie 
Former Ghana Cocoa Board (COCOBOD) Chief Executive Joseph Boahen Aidoo has passionately defended the GH¢32.5 billion debt accrued during his leadership, stating that it was a bold, strategic move that shielded the cocoa industry from total collapse.
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In a candid interview, Mr. Aidoo emphasized that the debt—often criticized by opposition figures and public commentators—was not evidence of mismanagement but a necessary intervention in the face of financial crisis, collapsing cocoa prices, and a nearly empty treasury.
“We chose to act. We chose to protect the farmers, the supply chain, and the country’s economic future—even when it meant walking into the storm,” he stated.
Inherited Crisis: “We Started with Nothing”
When Mr. Aidoo assumed office in 2017, he revealed that COCOBOD was financially crippled, with no funds to launch the 2017–2018 cocoa season. The previous government, he said, had completely exhausted a US$1.8 billion syndicated loan, with the final US$300 million drawn just weeks before the end of 2016.
“There were no funds to purchase cocoa or pay farmers,” Aidoo explained. “We were staring at financial obligations in a season where global cocoa prices had dropped by 30%.”
Cocoa deliveries at the time had also slumped—recording only 611,763 metric tonnes, far below the expected 900,000-tonne target.
Borrowing to Survive: “It Wasn’t Reckless”
In response to the crisis, COCOBOD issued short-term, high-interest cocoa bills, raising over GH¢2.2 billion. This emergency fund was used to:
- Purchase 355,000+ tonnes of cocoa
- Pay off debts for fertilizers and chemicals
- Support Licensed Buying Companies (LBCs)
Critics labeled the debt excessive, but Aidoo pushed back:
“It’s disingenuous to suggest our debt was reckless. It was an investment in continuity. Without it, Ghana’s cocoa sector would have come to a standstill.”
He further emphasized that COCOBOD’s operations generated over $2 billion in revenue annually, proving its long-term capacity to manage the debt.
As of February 2025, cocoa purchases had already exceeded 560,000 tonnes, valued at approximately GH¢45 billion under Free On Board (FOB) pricing.
Major Reform: Ending Ghana’s 32-Year Dependency on Syndicated Loans
Perhaps the most transformative move under Aidoo’s leadership was the historic decision to skip syndicated loans for the 2024/25 season. It was the first time in 32 years that Ghana financed its cocoa purchases without borrowing from external institutions.
Despite rumors that Ghana had been disqualified from syndicated lending, Aidoo clarified that banks had indeed offered favourable terms—but COCOBOD chose independence.
“For the first time in decades, we walked away from the dependency model and took control of our financing. That’s not weakness—that’s sovereignty,” he said.
New Cocoa Financing Model
Under the new structure:
- LBCs buy cocoa locally.
- The Cocoa Marketing Company (CMC) sells the cocoa via forward contracts.
- Proceeds are paid in USD via Ghana International Bank.
- Funds are converted into cedis by the Bank of Ghana and sent to COCOBOD.
This self-reliant model has saved Ghana $150 million in interest and associated fees, signaling a potential turning point for one of the nation’s most critical industries.
Final Thought
While critics remain skeptical of the debt levels, Joseph Boahen Aidoo stands firm in his belief that the decisions made under his leadership not only saved the cocoa industry but laid a foundation for long-term sustainability and financial sovereignty.
“This was not about politics. It was about saving lives, livelihoods, and an industry that feeds the soul of Ghana’s economy.”
