June 14, 2013

Parliament has approved a stamp duty of 15 million dollars for cocoa purchases by Ghana Cocoa Board for the 2012/2013 season.

The stamp duty waived on an amount of one billion five hundred thousand US dollars to be used to purchase 800 metric tons of cocoa beans.

Cocoa has contributed significantly to the economic development of Ghana over the years
Cocoa production also increased significantly since the 1999/2000 crop season reaching an all time high of 740, 458 metric tons in 2005/2006 crop season.

This record was remarkably broken in the 2010/2011 crop season with a record production level of over 1.0 million metric tons. The increases in the levels of production require substantial financial resources to enable the Ghana cocoa board finance the purchase of cocoa beans.

Presenting the Finance Committee’s report, the Chairman of the committee James Klutse Avedzi noted that a stamp duty of one percent on the loan facility is to ensure that the full value of the loan is used for cocoa purchase in the 2012/2013 crop season.

Kwadwo Anim/GhanaMPs.gov.gh