The Government of Ghana’s cocoa bill exchange programme has achieved significant success, with more than 90% of Cocoa Bill holders tendering for exchange under the new initiative. Dr. Mohammed Amin Adam, the Minister of State at the Ministry of Finance, hailed this accomplishment, deeming it a major achievement for the state.
The proceeds from this endeavour are earmarked to fund upcoming cocoa purchases.
Dr Adam shared this news during the International Taxation Conference organised by the Chartered Institute of Taxation.
The government’s announcement involves the exchange of nearly ¢8.0 billion to refinance cocoa purchases for the upcoming season, as COCOBOD (Ghana Cocoa Board) seeks additional funds.
The Minister of State underscored the programme’s success and its positive implications for the domestic market.
He noted, “We have achieved successful payments for bondholders through the new exchange and have concurrently received an outstanding response in the tendering process, with over 90% participation for cocoa bills totaling ¢7.9 billion and a dollar exchange equivalent of $809 million. Detailed announcements will follow upon completion of settlements.”
This year’s tax conference theme was: “Taxation and Economic Development: A Review of Ghana’s Tax Policies.”
Source: classfmonline.com