Ghana Inks $1.2-Billion Cocoa Loan For Crop Purchases

Ghana Inks $1.2-Billion Cocoa Loan For Crop Purchases

From Reuters

Ghana’s cocoa industry regulator Cocobod has signed a $1.2 billion syndicated loan from international banks for 2013/14 cocoa crop purchases as against $1.5 billion for 2012/13, it said on recently.

The credit facility between Cocobod and a consortium of international and local banks, led by French lender Societe General, will enable Cocobod to raise funds to purchase 830,000 tons of cocoa from farmers for the season.

Ghana is the world’s second largest cocoa exporter after Ivory Coast. It aims to raise its production to an average of 1 million tonnes annually from 800,000 tons through improved farming methods and better incentives.

The loan, which was oversubscribed as in previous years, is the largest soft commodity deal in sub-Saharan Africa, Cocobod spokesman Noah Amenyah said.

Read more at Reuters.