13th November 2023 2:22:10 PM
1 min readThe Ghana Cocoa Board (COCOBOD) has reassured its stakeholders that it has made the necessary arrangements to secure sufficient funding for cocoa purchases in the upcoming 2023/24 crop season.
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In response to recent media publications regarding funding concerns, COCOBOD issued a statement highlighting that “the Board has so far received firm response from our bankers in this regard, and the Cocoa syndicated Loan has been laid in Parliament for consideration and approval.”
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Clarifications were made in the statement that COCOBOD had planned a two-pronged financing approach for the 2023/2024 crop season to diversify its funding sources for annual cocoa purchases.
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The strategy involved a pre-financing arrangement with international buyers to raise $400 million for purchases at the season's outset in September 2023.
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These initial funds were expected to be supplemented by an additional $800 million loan from a syndicate of lenders by the end of November 2023.
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However, after several weeks of engagements with buyers, the arrangement was terminated.
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“Thus, since the beginning of the season, cocoa purchases have been financed with non-collateralised cocoa sales proceeds. COCOBOD is therefore still in the process of securing the syndicated loan for the 2023/24 crop season,” the statement said.
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