\n
Ghana\u2019s cocoa marketing board has signed an $800 million syndicated loan with banks and expects to draw down the first $600 million as soon as this week, the Deputy Chief Executive Officer (CEO) of COCOBOD, Ray Ankrah, has said.<\/strong><\/p>\nGhana, the world\u2019s second-largest cocoa producer behind neighbouring Ivory Coast, uses an annual syndicated loan to finance bean purchases from farmers.<\/p>\n
Usually agreed at the start of the season in September, this year\u2019s loan has faced delays as the West African country grapples with its worst economic crisis in a generation and tries to restructure its bilateral and commercial debts.<\/p>\n
\u201cI joined COCOBOD in 2018 and this is the hardest transaction we have had,\u201d Mr Ankrah told Reuters.<\/p>\n
\u201cIt\u2019s been signed and we are working on the drawdown. We\u2019re drawing down $600 million by the end of this week and we expect to draw down the $200 (million) in the middle to the end of January,\u201d he said, adding that the terms of the loan had not changed from those presented to parliament last month.<\/p>\n
In November, Ghana\u2019s parliament gave a green light to the transaction, allowing the COCOBOD board to finalise paperwork with participating banks.<\/p>\n
Under the terms presented to lawmakers, COCOBOD will pay interest of nearly eight per cent, which includes the one-month Secured Overnight Financing Rate (SOFR) currently around 5.3 per cent and a margin of 2.65 per cent.<\/p>\n
A central bank official who asked not to be named told Reuters that a drawdown this week should boost the country\u2019s reserves.<\/p>\n
An economist at the University of Ghana, Professor Agyapomaa Gyeke-Dako, said the loan could support the local cedi currency by cooling dollar demand spurred by slow progress in restructuring the country\u2019s bilateral debt.<\/p>\n
Ghana and Ivory Coast are expecting their smallest cocoa crops in years due mainly to poor weather.<\/p>\n
COCOBOD has officially forecast production of about 800,000 tons for the 2023\/24 season, but industry sources have told Reuters they estimate Ghana\u2019s harvest will be closer to 600,000 tons.<\/p>\n
The $800 million loan is among the lowest in a decade.<\/p>\n
Mr Ankrah previously told Reuters that COCOBOD planned to capitalise on record-high global cocoa prices by selling part of the country\u2019s crop on the spot market.<\/p>\n
www.graphic.com.gh<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Ghana\u2019s cocoa marketing board has signed an $800 million syndicated loan with banks and expects to draw down the first $600 million as soon as this week, the Deputy Chief Executive Officer (CEO) of COCOBOD, Ray Ankrah, has said. Ghana, the world\u2019s second-largest cocoa producer behind neighbouring Ivory Coast, uses an annual syndicated loan to […]<\/p>\n","protected":false},"author":1,"featured_media":133279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-133278","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
COCOBOD expects to receive $600 million of cocoa loan this week \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/20\/cocobod-expects-to-receive-600-million-of-cocoa-loan-this-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COCOBOD expects to receive $600 million of cocoa loan this week \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana\u2019s cocoa marketing board has signed an $800 million syndicated loan with banks and expects to draw down the first $600 million as soon as this week, the Deputy Chief Executive Officer (CEO) of COCOBOD, Ray Ankrah, has said. 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