• 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

Ghana to sign costliest loan ever for cocoa as debt crisis bites

2 years ago
in Agribusiness, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
227
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana to sign costliest loan ever for cocoa as debt crisis bites

Ghana secured its annual loan to pay for cocoa purchases at the highest interest rate on record, following this year’s debt restructuring of the West African nation’s obligations that ruined investor appeal.

International banks have pledged to lend industry regulator Ghana Cocoa Board $800 million for cocoa purchase from farmers at almost 8%, according to two people familiar with the terms of the deal. It is the costliest syndicated facility the board has received since the annual loans started in 1992-93, the people said, asking not to be identified because the transaction isn’t yet public.

The board also known as Cocobod, has previously obtained loans from investors at better rates than the government at an average rate of 2%. This year, the negotiations have been complicated by the West African nation’s debt restructuring that was needed to unlock a $3 billion government bailout from the International Monetary Fund.

Ghana is the world’s second-biggest producer of the chocolate ingredient and relies on funding from abroad to pay farmers for beans that are then exported. The central bank also relies on the foreign exchange as an important source of hard currency that is used to help stabilize the cedi.

Cocobod would normally conduct an investor roadshow between June and July each year and sign the syndicated facility in September before the new harvest begins in October.

For the first time ever the loan is expected to be signed at the end of this month, with eight participating banks, including Coöperatieve Rabobank UA as lead arranger, Standard Chartered Plc and Societe Generale SA, the people said.

RelatedPosts

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

Spokespeople at Coöperatieve Rabobank UA, Standard Chartered Plc and Societe Generale SA declined to comment in emailed response to questions. Fiifi Boafo, a spokesman at Ghana Cocoa Board declined to comment when he was contacted by phone.

The amount is also the lowest in at least 16 years as the board struggled to raise funding, and falls short of the $1.2 billion that is needed in all to buy the beans from growers in the current season. As a result Cocobod has made an arrangement to borrow $400 million from cocoa traders, such as Olam Group Ltd. and Barry Callebaut AG to top up.

The board in addition plans to take advantage of higher cocoa prices this year to sell on the spot market to augment its liquidity requirements, the people said.

Source: bloomberg
Via: norvanreports
Tags: CocoaDebtdebt crisisGhana to sign costliest loan ever for cocoa as debt crisis bites
No Result
View All Result

Highlights

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

CHAN: Morocco and Madagascar Advance to Semi-Finals, Ending Kenya and Tanzania’s Dreams

Trending

Features

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

August 23, 2025

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert Nigeria’s ports handle...

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

August 23, 2025

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

August 23, 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.