• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Agribusiness

COCOBOD secures $800m syndicated loan; to make $600m drawdown this week

2 years ago
in Agribusiness, Banking & Finance, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
119
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

COCOBOD secures $800m syndicated loan; to make $600m drawdown this week

Ghana’s Cocoa Marketing Board (COCOBOD) has signed an $800 million syndicated loan with banks and expects to draw down the first $600 million as soon as this week, its deputy chief executive officer said on Tuesday.

Ghana, the world’s second-largest cocoa producer behind neighbouring Ivory Coast, uses an annual syndicated loan to finance bean purchases from farmers.

Usually agreed at the start of the season in September, this year’s loan has faced delays as the West African country grapples with its worst economic crisis in a generation and tries to restructure its bilateral and commercial debts.

“I joined COCOBOD in 2018 and this is the hardest transaction we have had,”COCOBOD Deputy CEO Ray Ankrah told Reuters.

“It’s been signed and we are working on the drawdown. We’re drawing down $600 million by the end of this week and we expect to draw down the $200 (million) in the middle to the end of January,” he said, adding that the terms of the loan had not changed from those presented to parliament last month.

In November, Ghana’s parliament gave a green light to the transaction, allowing the COCOBOD board to finalise paperwork with participating banks.

Under the terms presented to lawmakers, COCOBOD will pay interest of nearly 8%, which includes the one-month Secured Overnight Financing Rate (SOFR) currently around 5.3% and a margin of 2.65%.

RelatedPosts

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

A central bank official who asked not to be named told Reuters that a drawdown this week should boost the country’s reserves.

Professor Agyapomaa Gyeke-Dako, an economist at the University of Ghana, said the loan could support the local cedi currency by cooling dollar demand spurred by slow progress in restructuring the country’s bilateral debt.

Ghana and Ivory Coast are expecting their smallest cocoa crops in years due mainly to poor weather.

COCOBOD has officially forecast production of about 800,000 tons for the 2023/24 season, but industry sources have told Reuters they estimate Ghana’s harvest will be closer to 600,000 tons.

The $800 million loan is among the lowest in a decade.

Mr Ankrah previously told Reuters that COCOBOD planned to capitalise on record-high global cocoa prices by selling part of the country’s crop on the spot market.

Source: reuters
Via: norvanreports
Tags: CocobodCOCOBOD secures $800m syndicated loan; to make $600m drawdown this weekghanaIvory CoastSecured Overnight Financing Rate (SOFR)
No Result
View All Result

Highlights

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

Trending

Features

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation

August 26, 2025

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation The Government of Ghana has pledged to...

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

August 25, 2025

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

August 25, 2025

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

August 25, 2025

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

August 25, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.