Joseph Boahen Aidoo
Former Chief Executive of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has launched a blistering attack on New Patriotic Party (NPP) presidential hopeful, Dr. Bryan Acheampong, accusing him of “blatant intellectual plagiarism and dishonesty” over claims that he initiated and implemented the historic no-syndication cocoa financing policy.
In a circulated address while speaking with the media in the Eastern Region, Dr. Acheampong claimed full credit for the bold move away from syndicated loans.
He said, “If you remember two weeks ago, Kudacost Multimedia announced that COCOBOD had received four billion dollars in deposits. Do you know who caused it? Bryan! When I went to the Ministry of Agriculture, Cocoa Board told me that since 1947, we had always gone for syndication—two billion dollars, and it’s a big deal. But underneath that, we were paying 5%, 6%, sometimes 10% interest. You get two billion and end up paying 200 million dollars in interest.
“I said no. We have our cocoa, and you want to buy our cocoa, but I should go and take a loan, pay interest, then supply you, and you pay the bank? Is the bank for us? I cancelled 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.
“My strategy was simple: if you want cocoa from Ghana, bring your money. We will buy the cocoa and supply you. I will not take a loan, buy cocoa, supply you, and pay interest. Simple! Common sense, Kwahu business calculation. That’s how I cancelled syndication, and nobody is talking about it. Today, cocoa money is depositing, and we are even earning interest on it. That’s the difference. That’s the kind of bold ideas I bring.”
But in a hard-hitting rebuttal, Mr. Aidoo dismissed Dr. Acheampong’s recent public posturing as “a shameful attempt to arrogate glory to himself for a reform he never believed in, opposed ferociously, and even wished dead.”
He rubbished these claims, insisting the true story is the exact opposite.
According to him, the decision to end Ghana’s 32-year dependence on syndicated offshore loans and adopt a self-financing model was his brainchild—one he championed alongside his management team and COCOBOD’s board, with direct backing from President Akufo-Addo and 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,” Mr. Aidoo declared.
Mr. Aidoo further noted that he was surprised to learn for the first time recently that after disagreeing with him and blocking every chance of taking the policy to Cabinet for approval, Dr. Acheampong later “nicodemously” sent it there without the knowledge of the true architect of the noble policy. “Even that action in itself is disingenuous,” he stressed.
He explained that but for the personal intervention of President Akufo-Addo at Jubilee House, the bold no-syndication legacy “would have been killed by Bryan Acheampong just as he killed the noble idea of introducing private commercial cocoa plantations.”
Aidoo underscored the success of the policy, pointing to Bank of Ghana projections showing stronger financial sustainability for COCOBOD, savings from borrowing costs, and a firmer global market position for Ghana’s cocoa sector.
“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,” the former COCOBOD boss charged.
The rebuttal sharpens the political battle lines within the ruling NPP, as Dr. Acheampong continues to tout his record in the lead-up to the party’s flagbearership contest.
A Daily Guide Report