Ghana Cocoa industry gets $1.3 billion syndicated loan

A syndicatef loan worth $1.3 billion for the 2019/2920 crop season for the cocoa industry has been signed by the the Ghana Cocoa Board (COCOBOD).

The signing ceremony which took place in Paris, France, on Friday, September 13, 2019 was streamed live to journalists in Accra.

This year’s signing ceremony saw a total of 24 banks participating.

The signing was after Parliament of Ghana approved COCOBOD’s proposal to borrow up to $1.5 billion to aid cocoa purchases for the 2019/2020 crop season.
The first tranche of the funds is to hit the Bank of Ghana’s accounts in the first week of October 2019.

Meanwhile, speaking at the signing ceremony in Paris, Chief Executive of COCOBOD, Joseph Boahen Aidoo expressed his gratitude and thanked the international banks including Societie Generale for their continuous support towards the growth of the Ghanaian cocoa sector.

Indicating that, the confidence by the international banks in COCOBOD is as a result of COCOBOD track record of ability to repay it’s loans promptly.

Citing the laon amount for the 2018 season which accrosing to him, was paid ahead of its deadline.

With regards to the 2019/2020 facility, the Chief Executive gladly revealed that, it was oversubscribed, hence the faith and confidence investors have in them.

Present at the signing ceremony were the Minister for Monitoring and Evaluation, Prof. Gyan Baffour and Board Chairman of the Ghana Cocoa Board, Hackman Owusu-Agyemang.

Story By: Ishmael Barfi

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