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COCOBOD signs Syndicated Loan Agreement for $1.13 billion

COCOBOD signs Syndicated Loan Agreement for $1.13 billion

On Monday, October 3, the Ghana Cocoa Board (COCOBOD) signed a USD1.13 billion Receivables-Backed Trade Finance Facility (Syndicated Loan).

COCOBOD was given $1.13 billion rather than the $1.3 billion approved by Parliament.

This agreement is for the purchase of cocoa and financing of other industry costs during the crop year 2022/2023.

During the signing ceremony, COCOBOD Chief Executive Officer Joseph Boahen Aidoo stated that despite the challenges facing the cocoa sector as a result of global financial difficulties, the sector has once again demonstrated leadership.

Also read: A GRA and Cocobod Operation exposes fertilizer smugglers

He assured the lenders that the funds would be used effectively and efficiently.

The signing, according to Finance Minister Ken Ofori-Atta, puts the nation’s finances in the right place and provides the impetus for optimism in the Ghanaian economy.

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