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Ghana

Cocoa Board signs $1.3b loan for cocoa purchase

By
Kodjo Adams, GNA

Accra, Sept. 13, GNA
– Ghana Cocoa Board on Friday signed a 1.3 billion dollar loan agreement with
international banks to fund the purchases for the 2019/20 cocoa season, due to
start in early October.

The loan agreement
was signed in Paris, France, with 24 banks, including Societe Generale,
Netbank, Naxitis, MUFG bank and Ghana International Bank.

Mr Joseph Boahen
Aidoo, the Chief Executive of Ghana Cocoa Board, said at the signing ceremony
through a live streaming from Paris, that the facility would be used to
purchase 850,000 tonnes of cocoa from farmers.

He said COCOBOD
would repay the loan over a seven month period (February to August) with an
interest rate of Libor plus 0.55 per cent lower than last year’s rate of 0.625
per cent.

Mr Aidoo said the
first half of the loan; 650 million dollars, would be received on October 1,
while the rest would be transferred in November.

Mr Aidoo said the
facility was oversubscribed by 700 million dollars, out of the total
subscription of 2 billion dollars, adding that, with the facility, COCOBOD
would be able to meet its obligation in the crop season.

He said the COCOBOD
believed that its existence was as a result of the tireless work by the
farmers, and that, the facility would be used to finance their operations.

Dr Emmanuel Agyemang
Dwomoh, the Deputy Chief Executive in charge of Agronomy and Quality Control,
COCOBOD, said there was no single crop season that the company defaulted in
payment to cocoa farmers and would continue to sustain that effort.

He said COCOBOD had
put in place measures, including mass pruning exercises, cocoa farm
rehabilitation and the need to consume cocoa products to boost agriculture in
the country.

GNA

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