COCOBOD signs $1.13bn Syndicated Loan agreement

The Ghana Cocoa Board (COCOBOD) signed a USD1.13 billion Receivables-Backed Trade Finance Facility (Syndicated Loan) on Monday, October 3.

COCOBOD received $1.13 billion instead of the $1.3 billion as approved by Parliament.

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This agreement is to purchase cocoa and finance other industry costs within the 2022/2023 crop year.

The Chief Executive of COCOBOD, Joseph Boahen Aidoo, said during the signing ceremony that despite the challenges facing the cocoa sector, brought on by the global financial difficulties, the sector has once again shown leadership.

He assured the lenders of the effective and efficient use of the funds.

The Minister for Finance, Ken Ofori-Atta, also said the signing puts the nation’s finances in the right landing zone and gives impetus for optimism in the Ghanaian economy.