Bank of Ghana receives US$600 million cocoa syndicated loan

People work with cocoa beans in Enchi, in a file photo. Picture taken June 17, 2014.  REUTERS/Thierry Gouegnon
  • In September 2019, Cocobod signed a S$1.3 billion cocoa syndicated loan with some international financial institutions.
  • The Bank of Ghana has received the first tranche of the loan.
  • The other two tranches are expected to hit the BoG account before the year ends.

The Bank of Ghana (BoG) has received the first tranche of the US$1.3 billion cocoa syndicated loan which was signed between Cocobod and some international financial institutions.

The BoG received an amount of US$600 million in its account. The rest of the loan is expected to hit the BoG’s accounts in the coming months.

In September, the government signed the US$1.3 billion loan. This money will be used to purchase about 850,000 metric tonnes of cocoa beans from farmers in the upcoming 2019/2020 crop season.

The loan is expected to be dispatched in three tranches before the year ends.

The first tranche is coming at a time when it has been announced that the cocoa producer price has been increased. 

The Minister of State in-charge of Food and Agriculture, Dr Nura Jara announced that the cocoa producer price for a tonne has been increased to GH¢8,249.

He added that a 64-kilo bag would now be sold at GH¢515.

This increment represents an 8% for the next crop season.

Dr Nura Jara said this at the World International Cocoa Day celebration in Sunyani on Tuesday (October 1, 2019).

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