Ghana’s cocoa marketing board has signed an $800 million syndicated loan with banks and expects to draw down the first $600 million as soon as this week, the Deputy Chief Executive Officer (CEO) of COCOBOD, Ray Ankrah, has said.
Ghana, the world’s second-largest cocoa producer behind neighbouring Ivory Coast, uses an annual syndicated loan to finance bean purchases from farmers.
“I joined COCOBOD in 2018 and this is the hardest transaction we have had,” Mr Ankrah told Reuters.
In November, Ghana’s parliament gave a green light to the transaction, allowing the COCOBOD board to finalise paperwork with participating banks.
An economist at the University of Ghana, Professor Agyapomaa Gyeke-Dako, said the loan could support the local cedi currency by cooling dollar demand spurred by slow progress in restructuring the country’s bilateral debt.
Source Graphic Online