London (UK) 15 Oct.'98 The Ghana Cocoa Board has signed a $320 million dollar receivables- backed pre-export finance facility in London.
The facility, which will be used for the purchase of cocoa for the 1998/99 season, was syndicated by Ghana International Bank and Standard Chartered Bank.
In all 24 reputable banks from 10 countries around the world are committed to the deal, which appears to have been over-subscribed. This year's facility is the largest ever for the Ghana Cocoa Board and the largest ever soft commodity trade finance syndication in Africa.
Last year's facility was $275 million and was syndicated by Citibank and Ghana Agricultural Development Bank.
Present at this year's signing ceremony were Ghana's High Commissioner to the UK, Mr. J.E.K. Aggrey orleans, the Chief Executive of the Ghana Cocoa Board, Mr. J.H. Newman, and the managing directors of participating Ghanaian banks.
Mr. Aggrey Orleans noted that the over-subscription of the facility, in spite of the dismal gloom in the international financial landscape, is a compliment to and trust in Ghana's trade and finance enterprise and in her general economic performance.
He assured the banks that "this demonstration of confidence in Ghana is not lost on us", adding that it would encourage Ghanaians to work still harder to sustain that depth of confidence and to build on it for a brighter future prospects.
Mr. Aggrey Orleans said "we are encouraged to deeply reflect on its significance and implication for the fund of goodwill that Ghana enjoys in her efforts at creating a climate of investment and trade which will be conducive to promoting the mutual interest of Ghana and her development partners.
The High Commissioner, on behalf of the Government and people of Ghana expressed deep gratitude to the financial institutions which made the facility possible and hoped that the trend would continue into the future. GRi
