Business News Mon, 21 May 2018

COCOBOD gets $1.3bn for 2018/2019 crop season

COCOBOD has commenced moves to raise 1.3 billion dollars through a syndicated loan to cater for the sale of cocoa beans for the 2018/2019 crop season.

A statement released by COCOBOD and copied to Citi Business News said the consortium of banks to provide the facility included ABN AMRO Bank, Bank of China, Industrial and Commercial Bank of China, and Standard Chartered Bank, who have been joined by Ghana International Bank.

According to the statement, the tendering process was highly contested with multiple bidding groups, comprising over 15 major international banks which reflects the excellent track record of Ghana Cocoa Board in the annual PXF facility.

Meanwhile, COCOBOD will soon meet with the banks in London to sign all relevant documents similar to previous years.

In January 2018, COCOBOD refuted claims of a possible decrease in producer price of cocoa to farmers.

Government last year [2017], maintained the producer price for the 2017/2018 crop season at 7,600 cedis per metric tonne.

This translated into 475 cedis per bag of 64 kilograms.

Source: citibusinessnews.com
Related Articles: