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President of the Licenced Cocoa Buyers (LCBs), Samuel Adimado, has said that cocoa farmers should not be too concerned about the 750 million Dollars that the Licensed Cocoa Buyers owe banks.

He says the situation is not a panicky situation because they are working to address the situation.

“The LCBs have been doing a silent but very important job in our economy. [The debt] is not a panicky situation, we have 34 bn cedis business with the banks. It’s important that we focus on how to address the challenges that have come up and prepare ourselves for the future,” he said on the Key Points on TV3 Saturday, February 28.

He further stated that the LCBs need a bailout from government to pay their debts.

“We need a bailout to get the money to settle,” he said.

Reuters has reported that Ghana’s licensed cocoa buyers owe banks as much as $750 million, the association that represents them said, leaving the financial sector starved of cash for bean purchases at a time when lenders are straining to recover from the country’s deepest economic crisis in a generation.
The cocoa sector in Ghana, the world’s second largest producer, has suffered two consecutive poor harvests due to crop disease and inclement weather.
Globally, cocoa prices have collapsed due to weak demand that has left an abundance of unused supply in Ghana and neighbouring Ivory Coast, which produce half of the world’s cocoa.

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