$790 million of $1.13 billion cocoa syndicated loan to hit BoG account on October 26

The Finance Minister, Ken Ofori-Atta, has indicated that the first tranche of the expected $1.13 billion cocoa syndicated loan will be received today, October 26, 2022. The $790 million according to myjoyonline reports will come in from the consortium of banks. Ghana in recent times needs foreign currency to shore up its reserves in a bid to control the cedi’s depreciation. The cocoa syndicated loan is to be used to purchase cocoa beans. However, the second tranche of about $340 million, which will be spread over three months will come in between November 2022 and February 2023. Interest to be paid on the facility is 1.75%. The Standard Chartered Bank, Coöperatieve Rabobank, Industrial and Commercial Bank of China (ICBC), MUFG Bank Ltd, Natixis, and Ghana International Bank plc were the Initial Mandated Lead Arrangers for the facility. The London branch of Bank of China Limited joined the facility as Senior Mandated Lead Arranger, while DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and the Arab Bank for Economic Development in Africa (“BADEA”) joined as Mandated Lead Arrangers. Ecobank joined as Arranger. The OPEC Fund, United Bank for Africa PLC, Ahli United Bank B.S.C., and Federated Hermes Inc joined as Lead Managers, whilst AfrAsia Bank Limited, Citibank N.A, Absa Bank Ghana Limited, and GCB Bank Plc were joined as managers. Watch the latest episode of BizTech below: SSD/FNOQ