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Ghana’s Cocobod has reportedly secured a financial boost of $150 million to $200 million from cocoa traders to cover the funding gap caused by delays in obtaining a bank loan for bean purchases in the 2023/24 season.
Typically, the industry regulator secures an international syndicated loan every September to finance licensed buyers acquiring cocoa from smallholder farmers.
For the current season, Cocobod plans to borrow $1.2 billion, with $800 million from a syndicate of lenders and $400 million from other sources. Facing delays in the syndication process, the regulator sought interim support from traders, with repayment expected from the season’s harvest.
Cocobod’s public affairs manager, Fiifi Boafo, stated that parliamentary approval for the $800 million syndicated loan is underway, followed by engagement with partner banks for finalization.
