Parliament approves $1.3bn cocoa syndicated loan

Parliament has approved a US$1,300,000,000 Offshore syndicated loan facility to for purchase cocoa beans from farmers through licensed buying companies for the 2018/2019 cocoa season.

Additionally, part of the money will be used to pay other liabilities that are on the shoulders of COCOBOD.

The House accordingly, also approved the waiver of stamp duty amounting to US$6,500,000 on the loan facility.

This is to ensure that the full value of the loan facility is used for the purchases of cocoa beans for the 2018/2019 crop season.

This follows the approval and adoption of the report of the Finance Committee on the terms of a receivables-backed trade finance facility between Ghana Cocoa Board (COCOBOD) and a consortium of Banks and financial institutions, with the Government of the Republic of Ghana as guarantor for the loan facility.