Cocoa Bills Exchange Programme: Customers demand full payment of funds from COCOBOD
Some holders of cocoa bills who did not participate in the Government of Ghana Cocoa Bill Exchange programme are asking Ghana Cocoa Board (COCOBOD) to pay them before the end of January 2024.
According to them, the delay by COCOBOD to pay them their coupons and principals is affecting their livelihood.
Ekyi Quarm, an affected customer who has worked for over 35 years, says he is cash-strapped and cannot foot the bills of his ward at the University.
Mr. Quarm opted out when asked to sign on to the exchange voluntarily.
According to him, he had engaged his fund managers to retrieve his investments but all attempts to receive his money have proved futile.
“I worked for over 35 years. I have worked in so many companies and done some investments for a while but for the cocoa bills it was just recently I went for it”.
“As part of my retirement, I got certain amount [pensions] so I moved some monies there and we were supposed to enjoy some benefit but this never happened. I have my ward to take care of, my medication too is at stake and where I stay is also another problem….it has not been easy for me at all”, he said.
Gifty Quarm, wife of Ekyi expressed shock at the development since the money was rolled over without their consent in 2023.
She bemoaned the inability of COCOBOD to reach out to customers who opted out of the exchange programme.
“It is morally wrong and legally unacceptable because the trauma for our children is a problem. How do you roll over without our consent and with your own interest yet do not want to pay us our money”, she added.
Background
In January 2023, monies paid to investors who purchased cocoa bills on maturity were withdrawn from individual investors’ accounts without their consent.
COCOBOD issued the bill to raise funds. Many had bought the bills expecting to be paid back their monies with interest on Thursday January 19, 2023.
Report from some fund managers indicated the monies were actually paid on Thursday, January 19, 2023, only to be reversed on Friday, January 20, 2023.
Commercial banks pointed to a directive from the Bank of Ghana ordering them to unilaterally roll over the bonds without first seeking the consent of investors.
Six month after, COCOBOD launched a debt securities exchange programme (the Exchange Programme) under which it invited holders of its short-term debt securities or the Cocoa Bills to voluntarily offer to exchange their Cocoa Bills.