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COCOBOD to increase cocoa purchases in 2016/2017 season
This brings COCOBOD’s total target for purchases for the 2016/2017 crop season to 900,000 tonnes, and at an average price of 3,100 dollars per metric tonne, bringing total revenue after sales to 2.79 billion dollars.
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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.
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.
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