Ghana’s cocoa industry regulator Cocoa Board (COCOBOD) signed a 1.3 billion U.S. dollar-export-finance agreement here on Tuesday for the purchase of cocoa in the 2020/21 season.
A syndicate of 28 international and domestic banks, including the Bank of China, arranged the loan with an interest rate of LIBOR (London Inter-bank Offered Rate)+1.75 basis points payable in seven calendar months, said the Chief Executive Officer of COCOBOD Joseph Boahen Aidoo.
He said the COCOBOD estimates to purchase at least 900,000 tonnes of cocoa in the next season, after a total yield of 770,000 tonnes in the past season.
“I would like to assure all the stakeholders that this loan shall be used judiciously for its intended purpose, and repaid on schedule,” Aidoo said at the virtual signing ceremony.
The loan agreement came after President Nana Addo Dankwa Akufo-Addo announced a 28 percent increase in the farm-gate price of cocoa next season, starting October 1. Enditem