COCOBOD secures $1.3bn for 2017/18 cocoa season

The Ghana COCOBOD has signed an agreement with a number of banks to raise 1.3 billion dollars at an interest rate of 0.65% plus libor rate for the 2017/2018 purchase of cocoa beans.

The syndicated loan which was signed in France today [20/09/2017] had 25 banks participating in the transaction.

Speaking to journalists via a teleconference after signing the agreement in Paris, the Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo explained that the board opted for 1.3 billion dollars lower than the 1.8 billion dollars raised last season due to the falling price of cocoa on the world market.

“As I have indicated, the price has fallen with a difference of over  a 1,000 dollars and with that difference, we cannot go and secure another loan as high as last season’s,” he said. Read more..

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