Over 90% of holders of Cocoa Bills have been tendered for exchange in the new Government of Ghana exchange programme.
This the Minister of State at the Ministry of Finance, Dr. Mohammed Amin Adams, has described as a huge success for the state as it looks forward to using the proceeds to finance other cocoa purchases.
He disclosed this at the International Taxation Conference organised by the Chartered Institute of Taxation.
Government announced the exchange of almost ¢8.0 billion to refinance cocoa purchases for the next season as COCOBOD makes arrangements to raise more funds.
According to the Minister of State at the Finance Ministry, this has been successful and a signal of some recoveries to be made in the domestic market.
“We have been able to make payments for bondholders in the new exchange and at the same time we have been extremely successful with the current tendering of more than 90% of cocoa bills of ¢7.9 billion and a dollar exchange of $809 million and detailed announcement will follow through when the settlements are done”, he disclosed.
Speaking on the country’s revenue mobilisation drive, Economist at the Institute of Statistical, Social and Economic Research, Professor Charles Ackah urged government to pay attention to export driven commodities in order to earn more foreign exchange.
This year’s tax conference theme; “Taxation and economic development; a review of Ghana’s tax policies” was chosen to reflect the current state of the country’s tax collection which has been very low as compared to other countries.