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After parliament approved the Ghana Cocoa Board’s 2 billion Syndicated Loan for the 2016/2017 crop season, the board has decided to increase its cocoa purchases for the season in question, by 50,000 tonnes.
READ MORE: Cocoa Syndicated Loan COCOBOD defends $20,000 expenditure on venue
Having succeeded with the first step, which is the approval from parliament, COCOBOD is now set to engage a consortium of banks in an attempt to raise the syndicated loan of 2 billion dollars.
The institutions include Deutsche Bank, Natixis of France, Nedbank Limited of South Africa, Standard Chartered Bank, Societe General, The Bank of Tokyo-Mitsubishe UFJ Limited, with the DZ Bank AG of Germany as Co-Arranger.
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The approval from parliament however did not come easy, as questions were raised about certain expenditures made by COCOBOD using last year’s syndicated loan of 1.8 billion dollars.
Prominent amongst the concerns of the minority in parliament was the $20,000 dollars spent in renting a venue for the signing ceremony.