Ghana secures US$1.8 billion for next cocoa season

Ghana's cocoa purchases in the on - coming 2016/2017 crop season has received a boost as the regulator, Ghana Cocoa Board (COCOBOD ) secured on Wednesday a syndicated loan of 1.8 billion US Dollars from international banks for the purchases.


COCOBOD signed for the financial facility with the partnering banks in Frankfurt, Germany for the season which opens in October.

Ghana is the world’s second largest producer of the chocolate beans after western neighbors La Cote d’Ivoire and hopes to produce between 850.000 metric tones and 900.000 metric tones during the next season.

Addressing the media via video-conferencing from Germany, Chief Executive Officer (CEO ) of Ghana COCOBOD, Stephen Opuni noted that a similar syndicated facility taken for the last cocoa season had been paid fully, ensuring great confidence in the country’s cocoa sector.

The 20 International syndicating banks had the Deutsche Bank, Natixis , Cooperative Rabobank, Nedbank, Societe Generale , Standard Chartered Bank, Ghana International Bank and DZ Bank as Lead arrangers.

Although the COCOBOD targeted to raise 1.8 billion dollars, Noah Amenyah spokesman for the regulator said the amount was over subscribed by 640 million dollars.

The cocoa syndicated loan taken annually is one of the reliable sources of badly needed foreign exchange in Ghana especially as the country approaches the yuletide season with its high import bill. Enditem

Source: Xinhua/

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