Cocoa has been the main cash crop for ghana.
Cocoa has been the main cash crop for ghana.

Ghana has secured 1.3 billion U.S. dollars in a syndicated loan facility for the purchase of cocoa beans in the 2019/2020 crop season.

A release received here Saturday said as many as 24 banks participated in the syndication clinched in Paris, France.

Business24

“The facility will guarantee that we pay Ghanaian cocoa farmers promptly and fairly for the fruits of their labor,” chief executive officer of Ghana Cocoa Board (COCOBOD) Joseph Boahen Aidoo, said in his address at the signing of the agreement.

The participating banks in this year’s syndication included MUFG Bank Limited, Rabobank, Natixis, Societe Generale, Nedbank Limited and Ghana International Bank.

Meanwhile, COCOBOD has said it expected to purchase 800,000 tons of cocoa during the new season which starts in October.

Ghana and its western neighbor Cote d’Ivoire, who together account for more than 60 percent of the world’s annual cocoa output have agreed to set a floor price of 2,600 dollars for the cocoa beans from the 2020/2021 crop year.

This decision is to ensure that cocoa farmers in these countries receive adequate compensation for their produce. Enditem

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