Ghana on course to secure COCOBOD loan, IMF bailout before year-end - BoG

The Central Bank Governor, Dr Ernest Addison has given the assurance that Ghana is on course secure a second tranche bailout from the International Monetary Fund as well as the Cocoa Syndication Loan before the end of the year.

Speaking with journalists at the 115th MPC press briefing in Accra on November 27, the BoG Governor emphasised that per his last briefing, Ghana was moving towards securing the IMF bailout funds consisting of US$600 million.

“I can tell you from the last briefing that we had; things are moving relatively well when it comes to Ghana securing the second tranche of the IMF cash,” Dr Addison said.

Touching on the Cocoa Syndication Loan, the BoG Governor said the regulator COCOBOD is aiming to clinch a positive outcome before the end of the year.

He however added that in the case where the funds delay, the Central Bank is poised to trigger mitigating measures to shore up the local currency.

“We expect the disbursement to be done soon rather than later, when it comes to the Cocoa Syndicated Loan facility,” Dr Ernest Addison added.

According to Bloomberg, some international banks have pledged to lend Ghana Cocoa Board an amount of $800 million for cocoa purchase from farmers at almost 8%, according to two people familiar with the terms of the deal.

The deal is the costliest syndicated facility the board has received since the annual loans started in 1992-93.

MA

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