Cocobod Secures $200 Million from Cocoa Traders to Navigate Funding Delay in 2023/24 Season

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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.

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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.

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