COCOBOD signs $1.3bn syndicated loan for 2019/2020 crop season

COCOBOD has signed a 1.3 billion dollar syndicated loan to cater for the production of cocoa for the 2019/2020 crop season.

The syndicated loan agreement was signed in Paris, France on Friday, September 13, 2019.

Some of the banks that signed the agreement include Societe Generale, Nedbank, Ghana International Bank, Industrial.

Others are, Commercial Bank of China, Bank of China, Natixis, ABN Amro, and Rabobank.

Report in the media suggest that some $300 million is already secured through a medium-term facility from the banks that subscribed to the syndicated loan.

$650 million facility from the African Development Bank is expected to support COCOBOD’s operations. The amount so far can enable COCOBOD to meet its financial needs for the 2019/2020 crop season.

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However, the first tranche of the funds is likely to hit the Bank of Ghana accounts in the first week in October.

The 2019/2020 syndicated loan would be drawn down in three tranches. First would be 50 per cent of the $1.3 billion, which would translate to about $650 million with an additional $450 million to be made in November.

In a related development, the Ghana COCOBOD has launched the 2019 Ghana Cocoa Day with its corresponding activities aimed at taking stock of happenings in the sector and forecasting the way forward.

The 2019 Cocoa Day, which will be marked in Sunyani in the Brong Ahafo Region, is on the theme: “Sustainable Cocoa Production for Health and Wealth”. The occasion will be crowned with a grand durbar on October 1.

As part of activities ahead of marking the 2019 Cocoa Day , there will be a health talk with the Muslim Community in Sunyani and a health walk across the principal street of the host town on September 27 and 28 respectively.