Ghana’s Cocoa Board to unveil $600 million loan scheme for key sector projects
The Ghana Cocoa Board (Cocobod) is set to launch a $600 million syndicated loan facility that has been established with Development Finance Institutions (DFI) to provide funding for key investment projects within the cocoa industry.
As the organisation revealed, it is set to hold a ceremony tomorrow (Tuesday, 23rd June 2020) at the Alisa Swiss Spirit Hotel in Accra, Ghana, to mark the occasion – which aims to boost productivity in the sector, which remains a key supply source for the confectionery sector.
The cocoa sector has been particularly badly affected this year in Ghana – with the value of cocoa said to have fallen dramatically by up to $1 billion amid the pandemic, with the annual crop from the national reportedly worth around $2 billion, employing around 800,000 rural families.
According to Cocobod, the institutions providing the funds include the Japan International Cooperation Agency (JICA), the African Development Bank (AfDB), the Development Bank of South Africa (DBSA) and Cassa Depositi e Prestiti Spa (CDP), as well as, commercial finance agencies such as Credit Suisse AG and the Industrial and Commercial Bank of China Limited.
Cocobod (pictured leading one of its community schemes in Ghana), confirmed it has earmarked a number of projects along the entire domestic cocoa value chain, including the production of cocoa beans to processing – where the funds will be applied to strengthen the local cocoa industry. This will in turn aid the cocoa authority in its effort to achieve SDG Goals that include eradicating poverty, fostering economic growth, and enabling responsible consumption and production. There will be both physical and virtual attendees at the Tuesday morning ceremony by representatives from the Development Finance Institutions, Cocobod and other key stakeholders.
Last month, the organisation received several items from global confectionery group Mondelez International, to fight the spread of corona virus disease in cocoa communities, which have been highlighted as being particularly at risk given that many are in rural locations, some distance from medical facilities.
The items includes 460 veronica buckets, 460 techy taps, thermometer guns, 3700 litres of hand sanitisers and 2000 pieces of nose masks are meant to ensure the safety of cocoa farmers across the country. The items also include basins, megaphones and liquid soaps.
Mrs. Yaa Peprah Amekudzi, Country Director for Mondelez International who presented the items to COCOBOD noted that their organisation’s operations focus mainly on cocoa farmers and it is therefore important to ensure their safety against the pandemic.