COCOBOD has received a $600 million syndicated loan facility from the African Development Bank, and Credit Suisse Group AG, to finance key components of the organization’s productivity enhancement programmes.
The signing ceremony took place on the sidelines of the 2nd edition of the Africa Investment Forum, on Tuesday, 12th November 2019, in Johannesburg, South Africa, a ceremony witnessed by the President Nana Addo Dankwa Akufo-Addo.
It would be recalled that, in 2017, discussions first took place between President Akufo-Addo, and Dr. Akinwumi Adesina, President of the African Development Bank, regarding the urgent need for the transformation of Ghana’s cocoa sector.
These discussions and subsequent follow-up meetings, culminated in Tuesday’s signing ceremony, which will ensure that COCOBOD implements production, warehousing and processing interventions, with the ultimate aim of boosting farmers’ incomes, and adding value to Ghana’s cocoa beans.
In delivering this facility, the African Development Bank has acted as the mandated, lead arranger with a tranche of $250 million, and Credit Suisse arranging the commercial tranche of up to $350 million, with ICBC acting as joint underwriter.
In his remarks, President Akufo-Addo thanked the African Development Bank and Credit Suisse for their support for Ghana’s bid to enhance her infrastructure in the cocoa industry.
With Ghana and Cote d’Ivoire responsible for 65% of the world’s output of cocoa, and with the global chocolate industry worth some $100 billion industry, the President noted that it is not right that the farmers, whose labour and toil, are responsible for growing the cocoa, get only some $6 billion for their effort.