Bright Simons, the Vice President of the policy think-tank IMANI-Africa, has asserted that the decrease in Ghana's cocoa syndicated loan amount does not reflect prudence on COCOBOD's part but rather signals a decline in banking confidence.

In prior years, Ghana received varying amounts for its cocoa syndicated loan, including $650 million in 2023, $900 million in 2007, $2 billion in 2011, $1.5 billion in 2012, $1.8 billion in 2016, and $1.3 billion in 2020 and 2022. However, the expected amount for 2023 has dwindled to $800 million.

Simons contends that Ghana had built a strong reputation over the years concerning the Cocoa Syndicated Loan, but this reputation is waning due to the current state of the economy.

He wrote on his Twitter page on September 25: “Since Ghana secured the first receivables-backed syndicated loan of ~$143m for the 1992/1993 cocoa season from international banks, the facility has become one of the country's credit badges. This massive drop shows a national business reputation built over decades cracking badly.”

The Cocoa Syndicated loan aims to support initiatives in the cocoa sector, which is one of Ghana's top export commodities.

The Ghana Cocoa Board has faced numerous challenges, primarily concerning its substantial debt burdens. To address this issue and attain a degree of debt stability, the government initiated the restructuring of cocoa bills. This move also aligns with Ghana's commitments within the ongoing International Monetary Fund program.