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Ghana Cocoa Board (COCOBOD), in collaboration with a consortium of International Financiers, has signed an agreement that will bring in an amount of One Billion, Three Hundred Million United States Dollars ($1,300,000,000.00) to the Ghanaian Economy.
The Pre-Export Trade Finance Facility has been contracted at a competitive interest rate plus libor of 1.75%.
The signing of the Pre-Export Trade Finance Facility for cocoa purchases for the 2020/2021 crop year took place at a virtual signing ceremony held on Tuesday, September 29th September 2020 in Accra, Ghana.
Since the 1992/93 crop season, COCOBOD has consistently and successfully, through the pre-export Syndicated Finance Facility, obtained a receivables-backed syndicated loan each year from the international money market to finance its cocoa purchases.
A total of 28 institutions, made up of 4 local and 24 international financial institutions have participated in this year’s syndication.
The Initial Mandated Lead Arrangers:
I. ABN AMRO BANK NIV
II. BANK OF CHINA LIMITED LONDON BRANCH
III. COOPERATIVE RABOBANK UA
IV. DZ BANK AG DEUTSCHE ZENTRAL-ZENOSSENSCHA FTS BANK, FRANKFURT AM MAIN.
V. GHANA INTERNATIONAL BANK PLC
VI. INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, LONDON BRANCH
VII. MUFG BANK LIMITED
VIII. NATIXIS ix. SOCIETE GENERALE
IX. STANDARD CHARTED BANK
The four local banks that are participating include: ECOBANK GHANA LIMITED, SOCIETE GENERAL GHANA LIMITED, ABSA GHANA LIMITED AND STANBIC BANK GHANA LIMITED.
The facility, the largest soft commodity deal in sub-Saharan Africa, will be used to finance cocoa purchases and related operational activities for the 2020 crop season.
For more information, please contact the Public Affairs Department, Ghana Cocoa Board
Office Direct Line: (0302)679724
E-mail: [email protected]
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