Connect with us

General News

$800 million loan for COCOBOD receives Parliamentary approval

Published

on

COCOBOD said it had developed a two-pronged financing plan to guarantee that it received the necessary money for the purchase season, in response to a Reuters story that the business had borrowed up to $200 million from cocoa dealers to bridge its financial deficit. In reaction to the Reuters article, COCOBOD stated that it had received clear guarantees from its bankers that funds would be available in time for the purchase season, and that a "Cocoa syndicated Loan has been laid in Parliament for consideration and approval." The loan facility disbursement year 2023/2024 is scheduled to be used for cocoa purchases and related operations as indicated below:

The Ghana Cocoa Board (COCOBOD) and a consortium of banks and financial institutions have agreed to a $800 million credit deal to fund the procurement of cocoa beans for the 2023/2024 crop season.

The loan will be utilised to acquire about 47% of the expected 850,000 tonnes of cocoa beans from farmers via Licenced Buying Companies for the 2023/2024 cocoa season.

Meanwhile, COCOBOD has said that tangible actions have been made to guarantee that sufficient money is available to finance its yearly cocoa purchases in the 2023/2024 harvest season.

COCOBOD said it had developed a two-pronged financing plan to guarantee that it received the necessary money for the purchase season, in response to a Reuters story that the business had borrowed up to $200 million from cocoa dealers to bridge its financial deficit.

In reaction to the Reuters article, COCOBOD stated that it had received clear guarantees from its bankers that funds would be available in time for the purchase season, and that a “Cocoa syndicated Loan has been laid in Parliament for consideration and approval.”

The loan facility disbursement year 2023/2024 is scheduled to be used for cocoa purchases and related operations as indicated below:

Costs of farmers’ services

Cocoa diseases and pest management

Fertiliser distribution and application

  • Farmer pension plan
  • Cocoa trails
  • industrial inputs (jute sacks, twine, stencil ink, passbooks, etc.)
  • Assistance with child education

Net FOB portion

-Agriculture payments

  • Buyer’s profit
  • the haulier’s profit
  • International marketing operations (warehousing and shipping)
  • the expense of disinfestation/grading and sealing

-cost of financing

-The cost of COCOBOD and divisions

additional costs/scale checks and phytosanitary inspections

-rehabilitation

-Establishment of coffee and shea nut plantations

Continue Reading

General News

Articulator truck kills four people in Kubease

Published

on

By

Tragically, four of the bus's passengers died on the spot as a result of their injuries, while others on board suffered varied degrees of injury. Following the event, wounded passengers were immediately transferred to the Ejisu Government Hospital for treatment.

A catastrophic accident on the Accra-Kumasi road in Kubease, close to Sekyere-Nkwanta, claimed the lives of four people, including a one-year-old baby.

The deadly crash happened when an articulated truck lost control on a specific stretch of road, drifting out of its allocated lane and colliding with a Benz Sprinter bus transporting the victims.

The force of the incident was so intense that the Benz Sprinter bus somersaulted and crashed into a neighbouring ditch.

Tragically, four of the bus’s passengers died on the spot as a result of their injuries, while others on board suffered varied degrees of injury.

Following the event, wounded passengers were immediately transferred to the Ejisu Government Hospital for treatment.

Meanwhile, the corpses of the deceased were respectfully laid at Juaben Government Hospital’s mortuary.

The police have taken the driver of the articulated truck into custody to help in the continuing investigations into the horrific event.

The community and authorities are in shock and grief over the unexpected loss of life and the traumatic consequences of the incident.

As road safety remains a vital problem, this occurrence emphasises the importance of alertness and obedience to traffic laws in order to prevent more catastrophic incidents on Ghana’s roadways.

Continue Reading

General News

I pure clean water to help my sisters – Sammi Awuku

Published

on

By

Given this context, Mr. Awuku, a key member of Vice President Dr. Mahamudu Bawumia's campaign, stated that he would be eternally thankful for the progress he has made in his life. "Every great guy has a scar. "It could be physical, psychological, or emotional," he explained. Mr. Awuku emphasised the necessity of understanding the repercussions of elections. He urged young people to vote for Vice President Dr. Bawumia and the New Patriotic Party (NPP) to secure their future.

Sammi Awuku, the General Manager of the National Lottery Authority (NLA), has made a startling disclosure regarding his past.

Many people believe he was born with a golden spoon in his mouth, yet the opposite is true.

Mr Awuku explained how hardship prompted him to sell water on the street to help his parents pay for the schooling of his four sisters.

“I recall having to sell water to assist my sisters to attend Holy Child because I was the only brother and youngest of our five siblings. While others received support, I found myself totally accountable for the challenges,” he told Accra-based Peace FM.

Given this context, Mr. Awuku, a key member of Vice President Dr Mahamudu Bawumia’s campaign, stated that he would be eternally thankful for the progress he has made in his life.

“Every great guy has a scar. “It could be physical, psychological, or emotional,” he explained.

Mr Awuku emphasised the necessity of understanding the repercussions of elections.

He urged young people to vote for Vice President Dr Bawumia and the New Patriotic Party (NPP) to secure their future.


Continue Reading

General News

Bawumia credits ECG income jump to digitization, from ¢450 million to over a billion

Published

on

By

The NPP flagbearer also discussed the difficulties encountered throughout the digitalization process, citing instances of sabotage by ECG employees who inserted malware onto the system. Dr. Bawumia described how national security actions were required to resolve the situation, eventually resulting to the arrest of the perpetrators. "Can you believe that system staff sabotaged it? They installed ransomware across the system. The system effectively disintegrated. "We had to send in national security to eventually find that it was some of the staff at the IT department who were culpable," he stated.

Vice President Dr Mahamudu Bawumia has reported a considerable increase in revenue collection at the Electricity Company of Ghana (ECG), citing government-led digitization measures.

The company’s monthly income increased from GH¢450 million to over a billion, demonstrating the usefulness of digital technologies in improving operational efficiency.

Dr. Bawumia addressed guests at the 14th Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa, emphasising the necessity of using digital technologies in the fight against corruption and urging other member nations to follow Ghana’s lead.

The NPP flagbearer also discussed the difficulties encountered throughout the digitalization process, citing instances of sabotage by ECG employees who inserted malware into the system.

Dr Bawumia described how national security actions were required to resolve the situation, eventually resulting in the arrest of the perpetrators.

“Can you believe that system staff sabotaged it? They installed ransomware across the system. The system effectively disintegrated.

“We had to send in national security to eventually find that it was some of the staff at the IT department who were culpable,” he stated.

Recalling the malware’s interruption, he emphasised the government’s prompt reaction in repairing and digitising the system.

Dr Bawumia underlined the shift away from cash payments for power, with mobile money and electronic bank transfers becoming the preferred methods of payment.

He expressed surprise at the tremendous increase in revenue collection, highlighting the change from GH¢450 million to over a billion cedis each month as proof of the effectiveness of digitalization initiatives.

Continue Reading

Trending

Optimized by Optimole