Cocobod pleads for 3% of banks reserves to rescue local LBCs [Video]

The Acting CEO of the Ghana Cocoa Board (Cocobod) has revealed that indigenous Licensed Buying Companies (LBCs) face possible extinction unless urgent financing support is provided.

Dr Randy Anerley Abbey disclosed that Cocobod has not secured a syndicated loan for the 2025/26 crop season, and that decision has triggered a financing crisis among local cocoa buyers.

“Something is happening with the LBCs, especially the indigenous ones, which has to do with the fact that we are not doing the syndicated loan. We are not doing 2025/26,” Dr. Abbey told George Wiafe on Joy News’ PM Express Business Edition.

He explained that the absence of the annual cocoa syndicated loan has created a liquidity vacuum, particularly for local companies that traditionally rely on Cocobod’s seed money to buy cocoa beans during the harvest season.

“Under the syndicated loan, Cocobod creates what he calls the seed money. And this seed money is what is given to …