Cocobod Signs US$300 Million Facility for Season

The Ghana Cocoa Board (COCOBOD) on Monday signed a 300 million-dollar receivable- backed trade finance facility from a group of eleven international banks to purchases cocoa for the 2001/2002 marketing season.

A statement issued by the Ghana High Commission in London on Monday said the facility, co-arranged by Barclays Bank and the Standard Chartered Bank is

the ninth successive loan facility organised by international financial banks for the Board.

It said an amount of 260 million dollars that was raised under similar arrangements last year has been fully repaid.

Mr Kwame Sarpong, Chief Executive Officer of COCOBOD, said in spite of the reduction of the facility from 350 million dollars to 260 million in the previous year occasioned by a record fall of cocoa prices, the facility was smoothly administered without any serious hitches. He congratulated the banks "for not only winning their mandate this year but also for successfully arranging the syndication in such trying and difficult time" and gave the assurance that the banks' confidence would not be misplaced because it would guard their hard won reputation as a first class borrower.

Mr Isaac Osei, Ghana's High Commissioner to the UK, noted that the confidence demonstrated by the banks would ginger the cocoa farmers to strive for greater heights.

"It will also go a long way to strengthen the efforts of government to create a conducive atmosphere for trade and investment in the country."