LBC President denies claims of halt in Cocoa Purchases amid payment concerns

The President of the Licensed Cocoa Buying Companies (LBCs), Samuel Adimado, has denied reports that the government instructed cocoa buyers to stop purchases nationwide amid concerns over delayed payments to farmers.

The denial comes after allegations by Frank Annoh-Dompreh, who claimed during a courtesy visit by the Minority Caucus to the Paramount Chief of the Offinso Traditional Area, Nana Dwamena Akenten II, that LBCs had been told to suspend cocoa purchases due to the government’s alleged inability to pay for newly harvested beans.

Speaking with Akwasi Nsiah on Adom TV’s Badwam programme, Adimado dismissed the claims, emphasizing that cocoa purchases are continuing as usual.

“There has been no directive from government asking Licensed Buying Companies to suspend cocoa purchases. LBCs are still buying cocoa beans and farmers are also selling to us,” he said.

Adimado described the legislator’s statement as unfortunate and warned that such claims could create unnecessary tension between cocoa farmers and LBCs.

He added that the government, through the Ghana Cocoa Board (COCOBOD), has released over GH¢4 billion to LBCs for payments to cocoa farmers whose beans were purchased as far back as November last year.

“Payments have started, although not all farmers have received theirs yet. Measures are in place to ensure that every farmer who supplied cocoa beans will be paid,” he assured.

Adimado urged farmers to remain calm, reiterating that cocoa purchasing continues nationwide and that efforts are ongoing to settle all outstanding payments.