Thursday, 28 September

Agric minister acknowledges support of int'l financiers toward cocoa industry

General News
Dr Akoto and foreign investors

Minister for Food and Agriculture Owusu Afriyie Akoto has recognised international financiers and institutions for their contribution to supporting the development of Ghana’s cocoa industry over the years.

He made the call at a business dinner organised by the Ghana COCOBOD in Accra, which brought together international financiers and institutions; as well as government representatives and other stakeholders to strengthen business relations; and appreciate their efforts and support for facilitating the operational activities of the Ghana COCOBOD.

Dr Akoto also commended the financiers for their long-term and continuous support of COCOBOD, given the sector’s long-standing critical role in the Ghanaian economy.

The Chief Executive Officer of COCOBOD, Mr Joseph Boahen Aidoo, in his remarks, indicated that in spite of the challenges confronting the cocoa sector caused by global financial difficulties this year, international banks were forthcoming with support to secure loans for the industry to thrive.

To help bolster Ghana’s cocoa industry, he said COCOBOD, for 30 years, secures “Annual Syndicated Loans” from a consortium of international banks and financial institutions to fund cocoa purchases and related operations every crop season.

With the loan, he noted that COCOBOD purchases cocoa beans produced by farmers on an international-market-price basis, monitors their quality and sells them on both the domestic and international markets.

In October this year, the Ghana Cocoa Board (COCOBOD) signed a $1.13 billion pre-export receivables backed trade finance facility with a consortium of international financial institutions to finance cocoa purchases for the 2022/2023 cocoa season.

The facility is also expected to be used to finance operational activities within the crop season. The agreement was signed by COCOBOD and Standard Chartered Bank Ghana Limited on behalf of the other lenders, numbering more than 20.