{"id":168056,"date":"2015-11-19T18:17:34","date_gmt":"2015-11-19T18:17:34","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=168056"},"modified":"2015-11-19T18:49:57","modified_gmt":"2015-11-19T18:49:57","slug":"calf-cocoa-judgment-debt-govt-to-go-after-president-kufours-officials","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/11\/calf-cocoa-judgment-debt-govt-to-go-after-president-kufours-officials\/","title":{"rendered":"Calf Cocoa judgment debt: Gov’t to go after President Kufour’s officials"},"content":{"rendered":"
Government has directed the Economic and Organised Crime Office, (EOCO), to investigate all public officials whose actions led to the over payment of over 3.5 million dollars to a private company Calf Cocoa.<\/p>\n
After the formation of Calf Cocoa, the company started the construction of a factory that was primarily meant to add value to Ghana\u2019s raw cocoa through the processing of cocoa beans into cocoa oil, cakes and aromatic products.<\/p>\n
The total cost of the project was estimated at US$ 10,000,000 United States dollars.<\/p>\n
The Company was required to pay one million, two hundred and fifty thousand dollars\u00a0 ($1,250,000) as equity while the remaining amount of US $8,750,000 was to be provided by the Chinese government through the government of Ghana.<\/p>\n
As a beneficiary of the loan granted the government of Ghana by the Chinese government, the company had to enter into subsidiary loan agreement with government of Ghana for the disbursement of the fund, which it complied with.<\/p>\n
The first tranche of the money, $3,488,773.33 was disbursed between February\u00a0 2000 and December 2000 under the erstwhile Jerry John Rawlings administration, while the rest of US $ 3, 414, 620.74 was disbursed under the new administration headed by President John Agyekum between April 2001 and March 2003.<\/p>\n