Skip to main content

COCOBOD gets US$1.7 billion facility for cocoa purchase



By: Fred Yaw Sarpong (Daily Express)

Ghana Cocoa Board (COCOBOD) has announced the signing of an agreement that will bring in an amount of US$1.7 billion for the purchases of cocoa for 2014/2015 crop season and also help to boost Ghana’s economy.

The agreement was signed in collaboration with a consortium of over 20 International banks.

According to the board this comes with an additional US$200 million available on demand for re-drawing from April 2015 to May 2015 for the light crop season.

The facility, which is the largest soft commodity deal in sub-Saharan Africa, was oversubscribed by 15 percent.

The signing of the Receivables Backed Trade Finance Facility for cocoa purchases for the 2014/2015 crop season took place on Thursday, September 11, 2014 in Paris, France.

Since the 1992/1993 crop season, COCOBOD has consistently and successfully obtained a receivables-backed syndicated loan each year from the international money market to finance its cocoa purchases and ensure that farmers receive prompt payment for their produce.

Speaking at the signing ceremony, Dr. Stephen Kwabena Opuni, Chief Executive Officer (CEO) of COCOBOD, thanked the consortium of banks for the support over the years, assuring them that his outfit will continue to work hard to promote the growth of the cocoa industry in Ghana.

He indicated that the continuous support of the banks over the years is a manifestation of the confidence the banks have in the economy of Ghana through many years of successful partnership.

Dr. Opuni said ongoing interventions such as the mass spraying exercise, rehabilitation of diseased and moribund cocoa farms, extension services as well as disease control programmes have been enhanced to ensure the sustenance of the cocoa industry.

On other initiatives taken to improve the welfare of cocoa farmers, Dr Opuni added that this year, COCOBOD had introduced a free fertilizer application programme to increase yield and boost farmers’ income.

“Realistic prices will be paid to cocoa farmers to build their confidence in the cocoa business and encourage the young generation to go into cocoa farming”, he said. 

Mr. Thomas Stahl, Head of Corporate banking CEEMEA at Deutsche Bank applauded the Government of Ghana, COCOBOD and all stakeholders in the Ghanaian cocoa industry for their hard work and efforts in sustaining the industry and making the facility possible.

The 2014/2015 facility was arranged by Barclays Bank PLC, Commerzbank Aktiengesellschaft, Deutsche Bank AG, KfW IPEX-Bank GmbH, Natixis and DZ BANK AG Deutsche Zentral-Genossenschafts bank Frankfurt am Main (the “Coordinating Initial Mandated Lead Arrangers” or the “Co-IMLAs”) with the cooperation of Ghana International Bank plc (together with the Co-IMLAs the “Bookrunners”).

The Book runners were joined in senior syndication by Bank of Tokyo-Mitsubishi UFJ, Nedbank Limited, Rabobank International, Standard Bank Group and Sumitomo Mitsui Banking Corporation as Senior Mandated lead arrangers, and subsequently in general syndication by ABN AMRO Bank N.V., Bank of China, BHF Bank, Credit Agricole, Ecobank, Industrial and Commercial Bank of China, Intesa San Paolo, Société Générale and Standard Chartered Bank.


Comments

Post a Comment

Popular posts from this blog

Vodafone sells 45% shares in Verizon for US$130 billion

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history. The US$130 billion (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54 billion to its shareholders, of which £22 billionn will go to shareholders in the UK. Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks. It said that by 2017 its main five European markets would have almost complete 4G coverage. Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman” Vodafone group chairman Gerard Kleisterlee said: "The transaction will position Vodafone strongly to pursue our leadership strategy in mobile and unified communication services for consumers and enterprises, both in our developed markets and across our emerging markets businesses." The...
Post a Comment
Read more

Shortage of weighing cards hit major hospitals in Accra

By: Fred Yaw Sarpong- Daily Express There is scarcity of Child Health Records Book (weighing cards), in some major public hospitals in the capital, information reaching the Daily Express indicates. Checks by this paper revealed that while some of the hospitals have being encountering the shortage for about a year now, others started experiencing it six months ago. In place of the Child Health Record Book (weighing card), the nursing mothers are given a single card on which information of children are recorded on it. Those hospitals identified are the Korle Bu Teaching Hospital, Korle Bu Polyclinic, Kaneshie Polyclinic, Adabraka Polyclinic and the Ridge Hospital. At the Korle Bu Teaching Hospital, the nursing mothers are given yellow cards in place of the weighing cards. The Public Relations Secretariat at the Korle Bu Teaching Hospital said such information has not come to their notice and for that matter they cannot comment on it. “We do not have some ...
Post a Comment
Read more

ABL launches chibuku super in Bolgatanga

By: Fred Yaw Sarpong sarpong007@gmail.com Accra Brewery Limited (ABL) has officially launched the Chibuku Super drink at Bolgatanga in the Upper East region with the aim of reaching a lot of customers. Mr. Thomas Nii Ponku, Supervisor in charge of Chibuku Super at ABL told Daily Express that the management decided to launch the Chibuku Super drink in the Upper East region because they’ve realized it is similar to a traditional drink in the region. “Chibuku is like a well developed pito, a traditional drink made from fermented millet or sorghum in the Northern part of Ghana. So the idea is to provide them with similar drink,” he added. Mr. Nii Ponku disclosed this when members of the Institute of Finance and Economic Journalists (IFEJ) toured the facility of ABL to acquaint themselves with the expansion project at the factory. He mentioned that after a feasibility study, they realized there is a potential market for the product in the northern part of Ghana ...
Post a Comment
Read more