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.
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The Chief Executive of COCOBOD, Hon. Joseph Boahen Aidoo, said despite the challenges facing the cocoa sector, brought on by the global financial difficulties, the sector has once again shown leadership. He assured the lenders of the effective and efficient use of the funds. 2/3 pic.twitter.com/wot2UHLrLM
— Ghana Cocoa Board (@ghcocobod) October 3, 2022
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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