Business News of 2014-07-18

Cocobod to seek extra cash for syndicated loan

Finance Minister Seth Tekper has confirmed Cocobod will seek additional funding for this year’s syndicated loan.

Cocobod had earlier announced it will seek 1.8 billion dollars this year for its syndicated loan. However finance minister Seth Tekper has announced this figure will be increased to 2 billion dollars.

Last year Cocobod signed a $1.2 billion syndicated loan from international banks for the 2013/14 cocoa crop purchases as against $1.5 billion for 2012/13. The credit facility between Cocobod and a consortium of international and local banks was led by French lender Societe General.

The Cocobod syndicated loan is used to purchase cocoa beans from farmers. Seth Tekper says the increase is due to Cocobod’s increase in expenditure. ‘The increase is on account of expected increase in output as well as expenditure’

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