The Bank of Ghana has confirmed receipt of the first tranche of the US$1.3 billion cocoa syndicated loan for 2019/2020 crop season which begins October 2019.
The cocoa syndicated loan of US$600 million hit the Bank of Ghana’s accounts on Wednesday October 2, 2019 with the rest of the funds expected in the coming months.
The Cocoa syndicated loan agreement was signed in Paris, France on Friday, September 13, 2019.
Some of the banks that signed the agreement include Societe Generale, Nedbank, Ghana International Bank, Industrial.
Others are, Commercial Bank of China, Bank of China, Natixis, ABN Amro, and Rabobank.
According to Ghanatalksbusiness sources, an amount of $450 million will hit the account of the Bank of Ghana in November.
Meanwhile, in related development, the government of Ghana has set the cocoa producer price for a ton at GH¢8,249.
This represents an 8 percent increase for the 2019/2020 crop season. The latest increment impies that a 64-kilo bag of cocoa would now be sold at GH¢515. This was announced by the Minister of State in-charge of Food and Agriculture, Dr Nura Jara at the 2019 Cocoa Day celebration in Brong Ahafo.
Also ahead of the 2019/2020 crop season, the Quality Control Company (QCC) under COCOBOD has received international certification from the United Nations Industrial Development Organization (UNIDO) with support from the Swiss government to determine the quality of Cocoa beans exported from West Africa.