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COCOBOD launches $600 million syndicated loan facility

The Ghana Cocoa Board (COCOBOD) has held a ceremony to officially launch the US$600 million syndicated loan facility which it signed with some Development Finance Institutions (DFI) to provide funding for various investment projects within Ghana’s cocoa industry.

The institutions providing the funds include the Japan International Cooperation Agency (JICA), the African Development Bank (AfDB), the Development Bank of South Africa (DBSA) and Cassa Depositi e Prestiti Spa (CDP), as well as, commercial finance agencies such as Credit Suisse AG and the Industrial and Commercial Bank of China Limited.

COCOBOD has earmarked a number of projects along the entire domestic cocoa value chain – from the production of cocoa beans to processing – where the funds will be applied to strengthen the local cocoa industry.

This will in turn aid the cocoa authority in its effort to achieve SDG Goals 1 (no poverty), 8 (decent work and economic growth) and 12 (responsible consumption and production).

There were both physical and virtual attendees at Tuesday’s ceremony due to the COVID-19 pandemic.

 

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Atuobi Alex

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