Ghana secures $1.2b loan to buy cocoa

Ghana’s COCOBOD has signed a $1.2 billion syndicated loan to purchase cocoa in the 2013-2014 crop season which starts next month October.

The facility which was signed in Paris was secured through a consortium of international financiers led by French lender Societe General.

Officials say the credit will enable COCOBOD to purchase about 830,000 tonnes of cocoa from farmers for the season.

Last week, the Bank of Ghana (BoG) hinted that the loan will be signed very soon and it expects the credit to boost the country’s foreign reserves and tame the volatility on the exchange rate market.

Ghana is the second largest cocoa exporter worldwide after neighbouring Ivory Coast.

By Ekow Quandzie