Fiifi Boafo,former Public Affairs Manager of the Ghana Cocoa Board (COCOBOD)
Accusations that Ghana defaulted on its 2023/24 syndicated cocoa loan are being strongly challenged following the emergence of a confidential discharge letter from Standard Chartered Bank, which confirms full repayment of the facility.
According to Fiifi Boafo, a former Public Affairs Manager of the Ghana Cocoa Board (COCOBOD), the document directly contradicts public claims that the previous administration failed to settle debts tied to the syndicated facility, leading to difficulties in accessing funding for the 2024 cocoa season.
The letter dated September 13, 2024, and issued by Standard Chartered Bank in its role as Facility Agent, states that the USD 800 million receivables-backed trade finance facility agreement was terminated on August 30, 2024, following full repayment.
It further confirms that all outstanding amounts under the facility agreement and related documents were fully paid and discharged, with the security period officially expired.
Boafo argues that this effectively clears any suggestion of default and reinforces COCOBOD’s long-standing record in syndicated loan servicing.
“This document is clear and unambiguous. It confirms full repayment and discharge of obligations. Historically, COCOBOD has maintained a strong reputation in the international syndicated loan market, and this letter reinforces that record,” Boafo said.
The former COCOBOD communications executive further indicated that the document also confirms that all fees were fully paid, with no outstanding payments due, and that unserviced 2023/2024 contracts assigned to the Facility Agent were released back to the Cocoa Marketing Company (Ghana) Limited.
The development comes amid claims attributed to COCOBOD Chief Executive, Dr Randy Abbey, that the previous administration led by former COCOBOD management under Joseph Boahen Aidoo failed to fully retire syndicated loan debts, a situation he reportedly suggested affected access to new loan facilities for the 2024 cocoa season.
Boafo insists that the bank’s discharge letter raises serious questions about the basis of those claims.
“Public commentary on such sensitive financial matters must be grounded in verified documentation. Ghana’s credibility in international commodity financing depends on accuracy and consistency,” he noted.
Industry observers say Ghana’s cocoa syndicated loans have historically been oversubscribed, largely due to COCOBOD’s reputation for repayment discipline and the strength of Ghana’s cocoa forward-sales structure.
Financial analysts warn that disputes over repayment history, if not clarified, could create uncertainty among international lenders and potentially increase borrowing costs for future cocoa seasons.
Boafo is therefore calling for what he describes as “full transparency and fact-based public communication” on matters relating to Ghana’s cocoa financing arrangements.
COCOBOD has not yet publicly responded to the specific claims surrounding the discharge letter.
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