The first payment of the anticipated $1.13 billion cocoa syndicated loan is scheduled to be received today, October 26, 2022, according to Finance Minister Ken Ofori-Atta.

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Myjoyonline reported that the consortium of banks will provide the $790 million.

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In order to curb the devaluation of the cedi, Ghana has recently needed to shore up its reserves with foreign money.

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The cocoa syndicated loan is to be used to purchase cocoa beans.

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However, the second tranche of about $340 million, which will be spread over three months will come in between November 2022 and February 2023.

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Interest to be paid on the facility is 1.75%.

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The Standard Chartered Bank, Coöperatieve Rabobank, Industrial and Commercial Bank of China (ICBC), MUFG Bank Ltd, Natixis, and Ghana International Bank plc were the Initial Mandated Lead Arrangers for the facility.

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The London branch of Bank of China Limited joined the facility as Senior Mandated Lead Arranger, while DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and the Arab Bank for Economic Development in Africa (“BADEA”) joined as Mandated Lead Arrangers.

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Ecobank joined as Arranger. The OPEC Fund, United Bank for Africa PLC, Ahli United Bank B.S.C., and Federated Hermes Inc joined as Lead Managers, whilst AfrAsia Bank Limited, Citibank N.A, Absa Bank Ghana Limited, and GCB Bank Plc were joined as managers.

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