Miracles says the focus should be on paying cocoa farmers, not public relations. He accuses the COCOBOD CEO of moving around with explanations while farmers remain unpaid and the sector struggles.
On the issue of syndicated loans, Miracles argues that the previous management did not fail to secure funding.
He claims COCOBOD issued a formal request to banks in February 2024 for the 2024/25 season and received responses similar to earlier years.
According to him, interest rates were even negotiated down, but management had already activated an alternative funding plan and chose to move away from the traditional foreign loan model.
He explains that COCOBOD borrowing does not rely on government guarantees but on forward cocoa sales used as collateral.
He says the previous administration had already secured a new financing model by April 2024 and later publicly announced a break from the long-running offshore loan system, describing it as a move to protect national interest and cut heavy borrowing costs.
Miracles claims this decision saved Ghana hundreds of millions of dollars in interest and fees that would have gone to foreign banks.
He states that cocoa receipts exceeded $3.9 billion and argues that borrowing billions at high interest would have drained huge sums from the country.
He further accuses the current leadership of poor market decisions, saying they failed to sell cocoa forward when global prices were very high.
According to him, earlier forward sales at strong prices helped make room for better farmer payments, but current managers waited for spot prices and missed opportunities.
He also disputes claims about large rollover contracts and says a significant quantity of cocoa remains unsold because of weak trading decisions. In his view, this has worsened the financial stress facing COCOBOD.
On farm rehabilitation, Miracles says more land was restored than publicly stated and questions the cost figures being discussed under a World Bank-backed programme. He insists those farms are already boosting production and revenue.
He also criticises spending on the official residence of the COCOBOD CEO, describing it as lavish at a time the organisation is said to be broke.
He questions the need for expensive upgrades and says such spending sends the wrong message. Miracles ends by challenging the CEO to release full financial details about revenue, assets and cocoa sales since taking office.
He warns against blaming the current crisis solely on the decision to step away from syndicated loans and suggests that returning to foreign borrowing would be a step backwards.