Ghana Cocoa Board, the State agency in charge of Ghana's cocoa sector has signed a US$1.5 billion syndicated loan facility for the 2021/2022 cocoa crop season.
This is the 29th Pre-export Receivables Backed Trade Finance Facility to Ghana Cocoa Board to finance the 2021/2022 cocoa crop season. This year's facility closed at USD 1.5 billion and attracted 24 geographically diversed banks participating in the facility and 4 local financial institutions. The facility, which was contracted at a competitive interest rate plus LIBOR of 1.10%, a marked improvement upon the previous year’s 1.75%.
The syndicated loan facility has Initial Mandated Lead Arrangers as Standard Charted Bank, Industrial and Commercial Bank of China, Coöperatieve Rabobank, MUFG Bank Ltd, Natixis, Nedbank Ltd and Ghana international Bank. The four local banks are EcoBank Ghana Limited, Standard Chartered Bank, Société General Ghana Limited and Absa Ghana Limited.
The facility is expected to be repaid in seven (7) equal instalments, from February 2022 to August 2022.
Ghana is expected to utilize the facility to finance cocoa beans purchases and related operational activities in the crop season.
This year's signing ceremony was hosted by Standard Chartered Bank, Ghana Plc.