Second tranche of $1.3bn cocoa loan ready

CEO of COCOBOD, Joseph Boahen Aidoo, has disclosed that the second tranche of a 1.3-billion-dollar cocoa syndicated loan is expected to hit the account of the Bank of Ghana this week.

The first tranche of about 650 million dollars has already been released. The amount will facilitate payment of cocoa farmers for the 2018/2019 crop season.

The second tranche of 1.3 billion dollar cocoa syndicated loan expected to hit account of Bank of Ghana this week.

Mr. Boahen Aidoo addressing the press from Amsterdam, Holland, Tuesday said, “by the end of November we expect all the 1.3 billion to be in Ghana. With regard to Ghana and Cote D’Ivoire, yes it will be in joint collaboration and you know there is some kind of bilateral corporation going on.

“The essence of that is that we want to manage the price and also see to it that we reduce smuggling across the border as much as possible.”

This follows the successful signing of the cocoa syndicated loan in Amsterdam with 21 banks in September.