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Ghana Cocoa Board secures US$1.3bn syndicated loan

The Ghana Cocoa Board (COCOBOD) has concluded a US$1.3bn syndicated loan agreement at a signing ceremony in Paris

The loan guarantees the purchase of Ghanaian cocoa beans on the international market and the funds are used to improve the production of cocoa in Ghana in the form of agricultural infrastructure, educational facilities and to ensure that farmers are paid for their work promptly.

The facility is supported by a consortium of 24 banks from Asia, the UK, Germany, France, the Netherlands, Ghana and includes banks such as Société Général, NedBank, Ghana International Bank and MUFG Bank.

Joseph Boahen Aidoo, CEO of COCOBOD, said, “The agreement contributes to the sustenance of the incomes of more than 800,000 farmer families and the empowerment of their livelihoods.”

“Participating banks should see themselves, therefore, as making a contribution towards improving the economy and thereby, supporting the government in its developmental efforts,” he added.

At the ceremony were representatives of the government of Ghana, COCOBOD, Ghana Embassy in France and the 24 banks involved in the agreement who signed on behalf of their institutions.