COCOBOD secures US$1.13billion to purchase Cocoa

The Ghana Cocoa Board () has secured US$1.13 billion from a consortium of international banks to meet its financing needs to purchase cocoa and related operations for the 2022/23 cocoa crop season.

The Board signed the agreement with Bank Ghana Limited on behalf of the other lenders.

Minister of Finance, , witnessed the signing ceremony together with the Minister of State at the , , and Dr , the Governor of the .

“Despite the challenging context for COCOBOD and Ghana this year, the new annual financing for a thirtieth successive year closed successfully with the strong support of its relationship banks and enhanced level of collateralisation and pricing, confirmed the longstanding successful track record of this PXF,” a statement said.

The Ghanaian government confirmed its long-term and continuous support to COCOBOD and to the domestic cocoa industry given the sector's long-standing critical role in the Ghana economy.

As a structured performance risk loan lenders continue not to require a sovereign guarantee, the statement added.

Leave a Reply

Your email address will not be published.