Bank of Ghana receives US$600 million cocoa syndicated loan

Bank of Ghana (BoG) has received the first tranche of the US$1.3 billion cocoa syndicated loan which was signed between Cocobod and some international financial institutions.

The first tranche comes on the back of the announcement of the cocoa producer price. Per the announcement by government, a tonne of cocoa will be going for GH¢8,249 while a 64kg bag of cocoa will be sold at GH¢515.

Information gathered, indicates that the BoG received an amount of US$600 million in its account with the rest of the loan expected to hit the Central Bank’s accounts in coming months.

In September, the government signed the US$1.3 billion loan for the purchase of some 850,000 metric tonnes of cocoa beans from farmers in the upcoming 2019/2020 crop season.The loan is expected to be dispatched in three tranches before the year ends.