Kanawu Radio number 1 news portal
Business News of Saturday, 27 August 2022
The second tranche of $390 million is also expected to be received from November 2022 to February 2023.
According to reports, the funds will be drawn down from the Ghana International Bank in London, one of the participating banks in the programme
The inflow is expected to aid the Central Bank deal with the current depreciation rate of the Ghana cedi.
Therefore, the Bank of Ghana will take the dollars and give the cedi equivalent to COCOBOD for cocoa purchases for the next crop season.
The Road Show for the loan agreement was scheduled to have been completed by August 25, 2022, after the participating banks were engaged.
“We understand that six banks are helping COCOBOD to raise the funds, or let’s say acting as Lead Arrangers for the Cocoa Syndicated Loan program,” according to JoyBusiness sources.
Meanwhile, the banks are Standard Chartered Bank, Rabo Bank, Ghana International Bank, French Investment Bank – Natixis, Industrial and Commercial Bank of China, and one of Japan’s largest banks, MUFG.
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