Skip to main content

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


Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…