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COCOBOD secures US$1.2 billion trade finance facility

Ghana Cocoa Board (COCOBOD) has secured US$1.2 billion trade finance facility, which is aimed at ensuring that cocoa farmers in Ghana are paid fairly and promptly for their cocoa produce. The facility was secured in collaboration with a consortium of International Financiers after an agreement was signed in Paris, France to that effect.
In a statement issued and copied to the Daily Express the Public Affairs Departments of COCOBOD stated that the injection of US$1.2 billion facility into the Ghanaian economy is to help purchase cocoa for the 2013/2014 season. ‘The facility once again was oversubscribed and is the largest soft commodity deal in sub Saharan Africa,’ said the COCOBOD. Mr. Federico Turegano, Managing Director of SG Corporate and Investment Banking commended COCOBOD for putting in place good management and financial structures that have given the banks trust to continue to raise the funds for COCOBOD.
Chief Executive of Officer (CEO) of COCOBOD, Mr. Anthony Fofie expressed his sincere gratitude to the banks which facilitated the syndication and assured them that the Board will continue to strive to promote the sustainable development of the cocoa sector such that the livelihood of cocoa farmers are enhanced through pragmatic policies and programme interventions. He added that the Board would be fully committed to meeting its obligation under the loan agreement and would take steps to enhance the assignments, collections and repayment processes associated with this facility.
He also thanked the banks for not only raising funds for cocoa purchases but also going further to donate annually, special funds raised amongst the banks to be invested directly into cocoa growing communities in Ghana.
This year’s syndicated lead arrangers were Societe Generale, Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Rand Merchant Bank (RMB), Crédit Agricole Corporate & Investment Banking (CACIB),NEDCAP and Ghana International Bank Plc UK. Some of the banks involved in arranging this facility included CACIB, DZ Bank, SMBC, Commerzbank, Deutsche Bank, Barclays Ghana, BHF Bank, BNPP, KfW Ipex, Nedbank, HSBC, Nati, Rabobank, CITI, Standard Chartered, INTESA, and ECOBANK
By: Fred Yaw Sarpong

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