{"id":1215733,"date":"2022-10-03T22:11:16","date_gmt":"2022-10-03T22:11:16","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/03\/cocobod-secures-us1-13bn-to-purchase-cocoa\/"},"modified":"2022-10-03T22:11:16","modified_gmt":"2022-10-03T22:11:16","slug":"cocobod-secures-us1-13bn-to-purchase-cocoa","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/03\/cocobod-secures-us1-13bn-to-purchase-cocoa\/","title":{"rendered":"COCOBOD secures US$1.13bn to purchase cocoa"},"content":{"rendered":"<p><\/p>\n<div>\n<img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/cocoa_china.png\" alt=\"COCOBOD secures $1.13bn to purchase cocoa\" class=\" bd-imagestyles-16\"\/><\/p>\n<p>\nCOCOBOD secures $1.13bn to purchase cocoa <\/p>\n<\/div>\n<div>\n<h2>The Ghana Cocoa Board (COCOBOD) has secured US$1.13 billion from a consortium of international banks and financial institutions to purchase cocoa beans in the 2022\/23 cocoa season.<\/h2>\n<p>The board signed the agreement with the lenders on Monday (October 3, 2022) to pave way for the transfer of the funds from next week.<\/p>\n<p>The agreement was signed by COCOBOD and Standard Chartered Bank Ghana Limited on behalf of the other lenders, numbering more than 20.<\/p>\n<p>For the first time in the 30-year old history of the cocoa loan, the signing was witnessed by the Minister of Finance, Ken Ofori-Atta, the Minister of State at the Ministry of Finance, Charles Adu Boahen, and the Governor of the Bank of Ghana, Dr Ernest Addison, Graphic Online&#8217;s Maxwell Akalaare Adombilla reports.<\/p>\n<p>Beyond funding cocoa purchases and related operations of the COCOBOD, the annual syndicated loan is critical to the country&#8217;s foreign exchange reserves.<\/p>\n<p>The timing makes it even more critical.<\/p>\n<p>It comes at a time when the country has locked out of the international capital market, leading to dwindling reserves and a spike in cedi depreciation.<\/p>\n<p>The currency lost more than 40 per cent of its value as of September 30, 2022.<\/p>\n<p>The disbursement of the loan is expected to bring respite to the cedi, which could also ease inflationary pressures.<\/p>\n<\/div>\n<p><script type=\"cd6a0d7ccf563c2774eb6896-text\/javascript\">\n!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;\nn.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,\ndocument,'script','https:\/\/connect.facebook.net\/en_US\/fbevents.js');\nfbq('init', '771749920311523', {}, {agent: 'pljoomla'});\nfbq('track', 'PageView');\n<\/script><script type=\"cd6a0d7ccf563c2774eb6896-text\/javascript\">(function(d, s, id) {\n\t\t\t\t  var js, fjs = d.getElementsByTagName(s)[0];\n\t\t\t\t  if (d.getElementById(id)) return;\n\t\t\t\t  js = d.createElement(s); js.id = id;\n\t\t\t\t  js.src=\"https:\/\/connect.facebook.net\/en_GB\/all.js#xfbml=1&appId=342494502508165\";\n\t\t\t\t  fjs.parentNode.insertBefore(js, fjs);\n\t\t\t\t}(document, 'script', 'facebook-jssdk'));<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>COCOBOD secures $1.13bn to purchase cocoa The Ghana Cocoa Board (COCOBOD) has secured US$1.13 billion from a consortium of international banks and financial institutions to purchase cocoa beans in the 2022\/23 cocoa season. The board signed the agreement with the lenders on Monday (October 3, 2022) to pave way for the transfer of the funds [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1215734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[181,182,5832,564,26831],"class_list":["post-1215733","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cocoa","tag-cocobod","tag-purchase","tag-secures","tag-us1-13bn"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1215733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1215733"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1215733\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1215733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1215733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1215733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}