First tranche of $650m cocoa loan syndication to hit BoG account October 6

Source: Myjoyonline.com

The 2018/2019 syndicated loan would be drawn down in three tranches

The first tranche of cocoa loan syndication is expected to hit Bank of Ghana’s account from October 6 this year.

Officials of Ghana Cocoa Board (COCOBOD) have signed an agreement with 21 banks in the Netherlands to aid cocoa purchases and other liabilities for the next crop season.

Breakdown

The 2018/2019 syndicated loan would be drawn down in three tranches.

First would be 50 percent of the $1.3 billion, which would translate to about $650 million with an additional $450 million to be made in November.

The remainder is expected to come probably in December this year.

How the 2017/2018 funds were utilized

According to documents submitted to parliament, this is how the ¢5.49 billion cedis was utilized.

Seed fund to LBCs for cocoa purchases – ¢1.935, 325, 697.95

CTORs/Cocoa deliverables paid to LBCs – ¢2,813,860,155. 30

Inputs/CODAPEC and Hi Tech Expenses – ¢395,822,471.63

Operational Expenses – ¢382,796,675.12

Total – ¢5,497,805,000

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