COCOBOD pledges to be first class borrower

Joseph Boahen Aidoo, CEO, COCOBOD

Chief
Executive Officer of COCOBOD, Joseph Boahen Aidoo, has assured banks that it
will remain a dependable first class borrower that pays back loans on
time. 

He
was speaking at the signing of a US$1.3 billion syndicated loan provided
by a consortium of about 24 banks for COCOBOD to purchase 2019/2020 cocoa
yield.

COCOBOD
has been relying on syndicated loans since 1991, to purchase cocoa produced in
the country.

The
practice has become a phenomenon which has been condemned widely, because
critics do not understand why they are unable to recoup and reinvest the money
but has to borrow every year.

But,
the COCOBOD boss, addressing a gathering for the signing ceremony at Paris,
France, said they are embarking on numerous policies to guarantee
long-term sustainability of Ghana’s cocoa sector and boost COCOBOD’s status as
dependable first class borrower.

Mr
Aidoo also pleaded with the banks to reduce their interest rates to enable
COCOBOD access more funds next year.

The
money will be received in tranches. First tranche of $650 million
dollars is expected to hit the account by November 1. The 2nd of $650 million
dollars is expected by mid of November.

Source: Adomonline.com
| Adom News | Kwame Kulenu

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