COCOBOD signs US$300m loan to refinance bills, finance programmes

Cocobod signed a US$300million three-year loan with several international lenders on Tuesday to refinance central bank-raised cocoa bills and finance production enhancement programmes, one of the lenders said in a statement.

Ghana said it was in talks with international lenders for such a loan last September. That month, Cocobod signed a US$1.3billion loan with international banks to finance bean purchases.

The US$300million receivables-backed trade finance facility was underwritten by Natixis, Cooperative Rabobank UA, Credit Agricole Corporate and Investment Bank, Societe Generale, and MUFG Bank, Natixis said in Tuesday’s statement.

The loan will also go toward Cocobod’s goals of supporting environmentally-friendly production practices, increasing sensitivity to child labour, and empowering women.

The loan will “go a long way to help in carrying out its sustainability programmes in all cocoa regions, to enhance the social and environmental sustainability of cocoa farming and also improve the livelihood of farmers,” said Cocobod chief executive Joseph Boahen Aidoo.

Ghana is the world’s second-largest cocoa producer, after neighboring Ivory Coast.

Reuters

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