"$541m first tranche of Cocoa Syndicated Loan hits BoG account"

" $541m first tranche of Cocoa Syndicated Loan hits BoG account \r\n\r\nThe first tranche of Cocoa Syndicated Loan has finally been credited to the Bank of Ghana\u2019s account.\r\n\r\nReports indicate that the $541 million inflows came in December 22, 2023.\r\n\r\nThis represents part of the $800 million loan.\r\n\r\nThe second tranche of about $200 million will be transferred to the Central Bank\u2019s account in January 2024.\r\n\r\nParliament in November 2023 approved the Trade Facility Agreement for the Ghana Cocoa Board (COCOBOD), based on recommendation from the Finance Committee of Parliament. This allowed COCOBOD to go ahead and finalise the paperwork with participating banks.\r\n\r\nUnder the terms presented to lawmakers, COCOBOD will pay an interest of nearly 8%, which includes the one-month Secured Overnight Financing Rate (SOFR) currently around 5.3%, and a margin of 2.65%.\r\n\r\nReports further indicate that the Bank of Ghana will take the dollars and transfer the cedi equivalent to COCOBOD.\r\n\r\nThe market regulator is expected to use the funds to support the purchases of cocoa beans from farmers through the license buying companies for the 2023\/2024 Crop season.\r\n\r\nThe immediate impact of this inflows will be the Bank of Ghana reserves.\r\n\r\nThis may put the Central Bank in a strong position to support the cedi.\r\n\r\nNews about COCOBOD signing the deal with some banks, is already helping to stabilise the cedi."

"$541m first tranche of Cocoa Syndicated Loan hits BoG account"

Senyo Hosi Writes: So Long, My FriendsAMP

IPR Ghana Mourns Victims of Military Helicopter CrashAMP

Oil Prices Set for Dramatic Weekly Drop on Tariff FalloutAMP