The Ghana Cocoa Board (COCOBOD) has disclosed that over GH¢1.6 million of its investment has been locked up with the Zenith Bank as a result of the government’s Domestic Debt Exchange Programme (DDEP).
Appearing before the Public Accounts Committee of Parliament, the Deputy Chief Executive Officer (CEO) of COCOBOD in Charge of Finance and Administration, Ray Ankrah said an amount of GH200,000 had been retrieved out of the total amount of over GH¢1.8 million with efforts underway to recover the outstanding funds.
“COCOBOD is pursuing the amount. So far Zenith has paid GH¢253, 550 of the total amount so we are still pursuing the remaining amount.”
“Honourable chair, what we do is every now and then we hold meetings with them, we remind them with letters so we are sure that once the funds are available they will transfer it into our account,” he stated.
However, the auditors indicated that out of the total amount of over GH¢1.8 million, GH¢255,403 had been recovered or paid leaving a balance of GH¢1,611,884.45 and was yet to decide a payment plan.
