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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