The Finance Committee of Parliament has submitted crucial reports to the House, outlining details of a receivable Trade Finance Facility and a significant Credit Agreement.
Mr. Kwaku Agyeman Kwarteng, Chairman of the Finance Committee, laid before the House the report on the Terms of a receivable Trade Finance Facility between Ghana Cocoa Board (COCOBOD) and a Consortium of Banks and Financial Institutions.
The Government of Ghana acts as the Guarantor for this facility, which amounts to $800 million.
The funds are designated for financing the purchase of cocoa for the upcoming 2023/2024 Crop Season.
Additionally, the Committee's report on the Request for a waiver of stamp duty, totalling up to $4 million, on the Receivables-backed Trade Finance Facility was also presented.
Furthermore, Mr. Kwarteng laid before the House the Committee's report on the Credit Agreement between the Government of Ghana and the International Development Association (IDA) of the World Bank Group.
This agreement involves an amount of $200 million allocated for financing the Ghana Tree Crop Diversification Project (TCDP).
The reports provide comprehensive insights into the financial arrangements and agreements crucial for the country's cocoa industry and tree crop diversification initiatives.
The laid reports will be subject to parliamentary scrutiny and discussion in the coming sessions.