Kanawu Radio number 1 news portal
As part of efforts to boost cocoa production through the purchase of cocoa beans, the Ghana Cocoa Board (COCOBOD) has signed a $1.13 billion syndicated loan for the 2022/2023 cocoa crop season with some banks.
The banks are; Ghana International Bank, French Investment Bank – Natixis, Standard Chartered Bank, Rabo Bank, Commercial Bank of China and Japanese Bank, MUFG.
The loan was secured at an interest rate of 1.75 percent plus the Secured Overnight Finance Rate (SOFA).
Board Chairman of COCOBOD, Peter Mac Manu, addressing journalists at a press conference on October 3 said the loan is expected to help the country hit 850,000 metric tonnes of cocoa produce after Ghana missed out on its target for this year.
“COCOBOD has been doing very well for this country, and I must say we will continue to do better. This season, we are hoping to hit 850,000 metric tonnes,” Mr Mac Manu is quoted by Joy Business News.
“We have replaced old cocoa trees with improved seeds. We have also undertaken pruning exercises and supplied inputs to farmers. We are hopeful we can achieve the target and improve the livelihood of our farmers”, he added.
The COCOBOD Board Chair, however, lamented the negative impact of illegal mining activities which have been rampant and have affected cocoa production in the country.
“The galamsey act could adversely affect cocoa production output if measures are not put in place to stop illegal mining which leads to destruction of forest reserves and pollution of water bodies,” he stressed.
Peter Mac Manu also assured that cocoa farmers will be given the needed support to increase their yields with the view of protecting the environment.
Bank of Ghana Governor, Dr. Ernest Addison in his remarks was optimistic that the loan secured will help stabilise the local currency which has been witnessing a significant free fall since the start of this year.
Business News of Tuesday, 4 October 2022
