Minority worried over late approval of $1.2 billion for COCOBOD By: Romeo Adzah Dowokpor Members of the Minority in Parliament, last Friday expressed worry over the late presentation of a financial agreement by the ministry of finance, requesting for approval of 1.2 billion dollars for Ghana Cocoa Board (COCOBOD) for the purchase of cocoa beans for the 2013/2014 season. The credit facility, which was finally approved by the House would enable COCOBOD to be in a good financial standing to purchase about 830,000 tonnes of cocoa beans from farmers for the crop season The financial arrangement is between COCOBOD and a consortium of several other international and local banks which include the bank of Tokyo-Mitsubishi, Credit Agricole Corporation and Investment Bank, First Rand Bank Limited, Nedbank Limited and Societe General. MP for Ketu North and Chairman of the finance committee, James K. Avedzi, in moving the motion for the adoption of the committee’s report on the credit facility, revealed that the syndicated trade-backed facility will cost COCOBOD an amount of 14.08 million dollars. But the Minority side of the House could not hide their displeasure on how such a sensitive and costly financial arrangement was brought for approval on the day that parliament was going on recess. They argued that the hasty move for approval would deny the House the opportunity to critically scrutinise agreements of such nature with the view correcting omissions and commissions therein that may not be in the interest of the country if there be any. To enable COCOBOD to fully access the value of the credit facility for the cocoa purchases, parliament has accordingly approved a request to waive the stamp duty on it. The House on last Friday also approved a request for waivers totaling $39,630,235.89 for the implementation of the second phase of the construction of the Ada coastal protection work. The waivers include customs duty, VAT, EDIF, ECOWAS Levy, Destination Inspection fees, withholding tax liabilities, and corporate income taxes. The 14-kiliometre sea defence project would benefit the coastal towns of Ada Foah and its surrounding villages that have been affected with high tidal waves and severe sea erosion which saw some displaced from their homes over the years. therepublicgh
Posted on: Tue, 23 Jul 2013 07:21:02 +0000
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