Cocobod loan cash hits account in October

cocobodCiti Business News has gathered that cash from the cocoa syndicated loan will hit the account of Ghana Cocoa Board (COCOBOD) at the beginning of October,2015.

Sources familiar with the matter tell Citi Business News the various parties involved in the loan syndication including government who is serving as guarantor, COCOBOD which is the beneficiary and financial institutions who are creditors are currently finalizing  the agreement.Cocobod which is the regulator of Ghana’s cocoa industry has been in talks with a consortium of international and local banks to seek a syndicated loan of 1.8 billion dollars to finance cocoa purchases in the 2015/16 season which opens in October 2015.

The facility is to enable COCOBOD to raise adequate funds to purchase cocoa beans from farmers through Licensed Buying Companies (LBC)s for the 2015 / 2016 cocoa season.

Citi Business News has gathered the credit facility for the 2015 / 2016 crop season will be signed by September 17, 2015.

Meanwhile the Finance minister Seth Tekper in an earlier interview confirmed Cocobod will seek additional funding for this year’s syndicated loan from 1.8 billion dollars to 2 billion dollars.