No-Syndication Cocoa Financing Policy: Boahen Aidoo Emasculates Bryan

Former Chief Executive of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has fired a blistering broadside at New Patriotic Party (NPP) presidential hopeful, Dr Bryan Acheampong, accusing him of dishonesty and “blatant intellectual plagiarism” over Ghana’s historic no-syndication cocoa financing policy.

In a strongly worded rebuttal, Joseph Aidoo dismissed Bryan Acheampong’s claim of pioneering the reform as “a shameful attempt to arrogate glory to himself for a policy he never believed in, opposed ferociously, and even wished dead.”

Dr. Bryan Acheampong, in a widely circulated address, had claimed full credit for ending Ghana’s reliance on syndicated offshore loans to finance cocoa purchases. He recounted his supposed role, saying:

“When I went to the Ministry of Agriculture, Cocoa Board told me that since 1947, we had always gone for syndication… At Cabinet, everybody thought I was on something strong, but President Akufo-Addo took a chance on my decision and supported me. For the first time in 2024, we did not do syndication… That’s the kind of bold ideas I bring.”

According to the Abetifi MP, his decision to cancel syndicated loans and insist on upfront payments from buyers marked a turning point that secured deposits worth billions of dollars for COCOBOD.

But Joseph Boahen Aidoo has rubbished the account, insisting the true story is the exact opposite.

He maintained that the policy was his brainchild, developed with his management team and COCOBOD’s board and fully backed by President Akufo-Addo and Vice President Dr. Mahamudu Bawumia.

“Bryan vehemently opposed the policy from the very beginning. He was the only dissenting voice when the matter went before the Economic Management Team. For him to now parade himself as the architect of the policy is not only dishonest, but disrespectful to those who truly birthed and defended it,” Joseph Boahen Aidoo declared.

The former COCOBOD boss added that he was shocked to later discover that Dr Acheampong, after resisting the idea and blocking its path to Cabinet, secretly pushed it forward.

“After disagreeing with me and frustrating every chance of taking the policy to Cabinet for approval, Dr Bryan Acheampong later nicodemously sent it there, without the knowledge of the true architect. Even that action in itself is disingenuous,” he stressed.

Joseph Boahen Aidoo further charged that Dr Acheampong nearly derailed the landmark reform altogether.

“But for the personal intervention of President Akufo-Addo at Jubilee House, the bold no-syndication legacy would have been killed by Dr Bryan Acheampong just as he killed the noble idea of introducing private commercial cocoa plantations,” he fired.

The no-syndication policy, which ended Ghana’s 32-year dependence on offshore syndicated loans, has been hailed as a game-changer. It saved the country hundreds of millions of dollars in interest payments and improved COCOBOD’s financial sustainability.

Mr. Aidoo underscored that the reform was already paying dividends. He pointed to Bank of Ghana projections showing stronger reserves, cost savings and enhanced bargaining power for Ghana on the global cocoa market.

“These achievements belong to those who had the vision and courage to fight for them in the face of stiff resistance. Honour must go where it is due, not to those who shamelessly plagiarise intellectual property or rewrite history to suit their ambition,” he said.

The fierce exchange has sharpened the political battle lines in the NPP, as the party heads into its flagbearership contest.

Dr Bryan Acheampong, who has been touting his record as proof of bold leadership, now faces accusations of hypocrisy and opportunism.

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