The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD) Joseph Boahen Aidoo, has justified why they requested USD1.3billion syndicated loan.

Parliament approved US$1.3 billion loan facility from a consortium of banks and financial institutions to finance the purchase of cocoa for the 2020/21 crop season by the Ghana Cocoa Board (COCOBOD).

The loan is expected to be used to purchase an estimated 900,000 metric tonnes of cocoa beans from farmers through the Licensed Buying Companies (LBCs) as well as finance other operations of the Board for the cocoa season.

Mr Joseph Boahen Aidoo told journalists in Accra on Wednesday September 30 that the COCOBOD considered the crop outlook of the country to arrive at that amount.

“When you are going for syndication you don’t just go and take the money. You have to sit down and then look at your crop outlook to see if your crop outlook can meet the amount you are requesting,” he said.

Board Chair of the COBOD, Mr Hackman Owusu Agyemang said the capacity of local banks must be built to enable them play role in the syndication.