If You Could Borrowed $10b To Stabilise the Cedis, Do Same and Pay Cocoa Farmers

 

The Minority Chief Whip, Frank Annoh-Dompreh, has raised concerns over what he describes as misplaced government priorities, questioning why the state is seeking to borrow $10 billion to stabilize the Ghana cedi while cocoa farmers remain unpaid.

Speaking at Asensu 1 in the Dormaa Central Constituency, Annoh-Dompreh challenged President John Dramani Mahama to consider borrowing a smaller amount to clear outstanding payments owed to cocoa farmers.

According to him, the proposed $10 billion loan—equivalent to approximately GH₵117 billion at current exchange rates—demonstrates that the government has the capacity to raise funds, yet has failed to prioritize the welfare of farmers who form the backbone of Ghana’s economy.

He argued that borrowing even a fraction of the amount would be sufficient to settle debts owed to cocoa farmers across the country.

Annoh-Dompreh further criticized what he described as a longstanding pattern where cocoa is traded annually, but farmers receive minimal returns. He accused successive governments of withholding funds meant for farmers, thereby worsening their living conditions.

He also cited a precedent under former President Nana Addo Dankwa Akufo-Addo, noting that in 2017, the government reportedly borrowed from the Bank of Ghana to pay cocoa farmers despite a decline in global cocoa prices.

The Minority Chief Whip is therefore urging the Mahama administration to adopt a similar approach and prioritize the immediate payment of cocoa farmers to sustain the sector and protect livelihoods.

The comments add to growing political debate over Ghana’s economic management, particularly