COCOBOD says it has successfully secured a syndicated loan of $1.3 billion from 24 international banks to procure 850,000 metric tonnes of cocoa for the 2019/2020 cocoa production year.
The $1.3 billion loan is expected to be paid in tranches within seven months, effective February 2020.
The loan agreement was made known to journalists in Accra.
COCOBOD organised a roadshow in Paris to woo investors and other funding companies. It successfully secured the syndicated loan from 24 International Banks in pursuit of meeting the production target of 850,000 metric tonnes of cocoa for the 2019/2020 season.
The facility will also facilitate payments of industry players in the cocoa value-chain.
The Chief Executive of COCOBOD, Joseph Boahen Aidoo said the Bank of Ghana will receive 650 million dollars as the first tranche on the first of next month.
The Deputy Chief Executive of COCOBOD in-charge of Agronomy and Quality Control, Dr. Emmanuel Agyemang Dwomoh said the company is striving to inculcate production while encouraging Ghanaians to consume more.
The signing ceremony which was streamed live on Facebook, was monitored in Accra and journalists later interacted with the officials via Skype.
