Cocoa Beans

This was after the board managed to pay back a 1.7 billion dollar secured loan it received from the consortium of banks last year.

Cocoa Beans

The Standard Charted Bank-led partnering banks include Barclays Bank Plc, Commerzbank, Aktiengesellschaft, Deutsche Bank AG, Natixis, Standard Bank Group of South Africa and Sumitomo-Mitsui Banking Corporation.

The total amount which comes at an interest rate of 1.9 percent per annum will be used to purchase about 900 000 metric tons of cocoa beans in the 2015/2016 crop year.

Although there had been earlier fears that Ghana could default in paying back last year’s loan due to low crop yield, the COCOBOD lived up to its credibility by making a full pay back.

The current facility signed in Paris, France, was therefore oversubscribed by 40 percent to the tune of 2.6 billion dollars but the Ghanaian institution decided to receive just 1.8 billion dollars.

“The facility is an 11-month facility and so we will pay before we start the next crop season. The one that we took last year was with an interest rate of 1 percent and was paid at the end of August… This one is 1.8 billion dollars and will attract the interest of 1.19 percent,” Noah Amenya, spokesman for the cocoa regulator, told the media in Accra late Thursday.

Although official figures show that purchases for the current season hit 700,000 tons in late August, the country might fail to realize its revised 750,000 ton-target due to the erratic rainfall. Enditem

Source: Xinhua


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