Parliament approves $1.3 bn cocoa loan for 2020/2021 crop season

Parliament has approved a loan agreement to enable the Ghana Cocoa Board (COCOBOD) purchase cocoa beans in the 2020/2021 cocoa season.

Presenting to parliament the details of the loan facility, the Chairman of the finance committee, Dr Mark Asibbey-Yeboah, requested the house to adopt his committee's report on the terms of a receivables-backed trade finance facility between Ghana Cocoa Board and a Consortium of bank and financial institutions with the government of Ghana as guarantor for an amount of up to US$1.3 billion to finance the purchase of cocoa for the 2020/2021 crop season.

Seconding the motion moved by Dr Assibey-Yeboah, the Minority MP for Adaklu, Kwame Governs Agbodza, expressed worry as to why a report which was supposed to be presented by COCOBOD on the suspension and audit of the cocoa roads in 2017, was not ready.