Cocobod Secures $650m For Cocoa Purchase

The Ghana Cocoa Board (GCB) has secured a 650 million dollar loan from the Barclays Bank PLC, Royal Bank of Scoltland PLC, Standard Chartered Bank and NATEX Banques Popularies to purchase cocoa for the 2003/2004 cocoa season.

It the highest in the history of the board, was arranged by the four banks and is repayable within a year. The loan is the eleventh successive loan facility provided by the participating international financial banks in the syndication. A similar syndication arrangement last year, raised 420 million dollars.

These were contained in a press statement issued in Accra yesterday by the Ghana High Commission in London. It said that at a signing ceremony in London, the Ghana Cocoa Board was praised by the banks for honouring her loan obligations over the years.

“They also commended Ghana for producing consistently, high quality cocoa which continued to command a high price premium on the world market”, it said. The statement intimated that the Chief Executive of Cocobod, Mr. Kwame Sarpong, praised the four banks for the facility.

“He said by the facility, the banks’ confidence in Ghana Cocoa Board in particular and the economy of Ghana in general had not been misplaced and added that the Board’s hard won reputation as a first class borrower would not only be maintained by jealously guarded’, it said.

According to the statement, Mr. Sarpong acknowledged the sacrifice, hardwork and commitment of cocoa farmers which had resulted in the production of good quality cocoa to Cocoa Board through the local buying companies (LBC) in future.