Over $1.1 billion secured by COCOBOD for the purchase of cocoa

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In order to cover its funding requirements for the procurement of cocoa and related operations for the 2022–2023 cocoa harvest season, the Ghana Cocoa Board (COCOBOD) has obtained US$1.13 billion from a group of international banks.

On behalf of the other lenders, the Board executed the contract with Standard Chartered Bank Ghana Limited.

Ken Ofori-Atta, the minister of finance, Charles Adu Boahen, the minister of state for finance, and Dr Ernest Addison, the governor of the Bank of Ghana, all attended the signing ceremony.

“Despite the challenging context for COCOBOD and Ghana this year, the new annual financing for a thirtieth successive year closed successfully with the strong support of its relationship banks and enhanced level of collateralisation and pricing, confirming the longstanding successful track record of this PXF,” a statement said.  

Given the local cocoa industry’s long-standing crucial role in the Ghanaian economy, the Ghanaian government reaffirmed its long-term and ongoing support for COCOBOD. The statement continued: As a structured performance risk loan, lenders are nonetheless exempt from the need for a sovereign guarantee.

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