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Business News of Wednesday, 22 September 2021

Source: www.ghanaweb.com

COCOBOD to sign $1.5 billion syndication loan for 2021/2022 cocoa season

COCOBOD CEO, Joseph Boahen Aidoo COCOBOD CEO, Joseph Boahen Aidoo

• COCOBOD exceeded its production target for the year 2021/2022

• They look forward to getting $1.5 billion for the 2021/2022 cocoa crop season

• The syndicated loan is expected to purchase about 900,000 metric tonnes of cocoa

The Ghana Cocoa Board (COCOBOD) will, on Wednesday, September 22, 2021, sign a syndication loan of $1.5 billion for the 2021/2022 cocoa crop season.

The loan is repayable in seven months and has an interest rate plus London Interbank Offered Rate (LIBOR) of 1.75%.

The $1.5 billion when acquired will be used to boost the cocoa sector, fund for cocoa purchases and other operational activities in the crop season.

It is expected to purchase about 900,000 metric tonnes of cocoa.

The production target of COCOBOD was exceeded as they recorded 1.06 million tonnes, compared to the 2010/2011 crop season which recorded 1.024 million metric tonnes.

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