Cocoa farmers in Ghana harvesting Cocoa

CEO of the Ghana COCOBOD, Joseph Boahen Aidoo, has disclosed that the second tranche of a 1.3 billion dollar cocoa syndicated loan is expected to hit the account of the Bank of Ghana this week.

The first tranche of about 650 million dollars has already been released. The amount will facilitate payment of cocoa farmers for the 2018/2019 crop season.

The second tranche of 1.3 billion dollar cocoa syndicated loan expected to hit the account of Bank of Ghana this week.

Mr. Boahen Aidoo addressing the press from Amsterdam, Holland, Tuesday November 6 2018 said, “by the end of November we expect all the 1.3 billion to be in Ghana. With regard to Ghana and Cote D Ivoire, yes it will be in joint collaboration and you know there is some kind of bilateral corporation going on.

“The essence of that is that we want to manage the price and also see to it that we reduce smuggling across the border as much as possible.”

This follows the successful signing of the cocoa syndicated loan in Amsterdam with 21 banks in September 2018.

In a related developement, the Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo has revealed that Ghana and Cote d’Ivoire are close to agreeing on a singular system of trading cocoa at the world market to give the two major producers some control at the cocoa market.

The agreement will help the two countries in their quest take a strong position on deciding the price of cocoa at the world market.

The two countries have been collaborating in recent times on how to improve the income of farmers but the difference in their respective trading systems has become a major setback.
However, speaking as a panelist at ongoing World Cocoa Foundation meeting in Sao Paulo, Brazil, on Thursday the head of Ghana’s cocoa regulator indicated that the major driving force for the collaboration of the two countries is the price.

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