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US$600 million cocoa syndicated loan hits BoG’s accounts

Currently, Ghana produces 850,000 tonnes of cocoa

The first tranche of the US$1.3 billion cocoa syndicated loan signed between Cocobod and some international financial institutions has hit the accounts of the central bank.

An amount of US$600 million hit the Bank of Ghana’s accounts with the rest of the funds expected in the coming months.

Read:US$15bn cocoa by-product market untapped – Prof. Boateng

The government last month signed the US$1.3 billion loan for the purchase of some 850,000 metric tonnes of cocoa beans from farmers in the upcoming crop season.

The funds are supposed to drop in three tranches before the close of the year.

Read:Government increases cocoa price by 8.42 per cent

The first tranche comes on the back of the announcement of the cocoa producer price. Per the announcement by government, a tonne of cocoa will be going for GH¢8,249 while a 64kg bag of cocoa will be sold at GH¢515.

Source: citinewsroom.com