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PRESS RELEASE: COCOBOD SIGNS $1.3 BILLION DOLLARS TRADE FINANCE FACILITY FOR THE YEAR 2020/2021 CROP SEASON

Date: 29th September 2020

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.

 

ISSUED BY:

CHIEF EXECUTIVE

 

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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