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1st tranche of cocoa loan to hit BoG’s account next month • Expected to further cushion cedi

By: Emmanuel Bruce
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The first tranche payment of the US$1.3 billion cocoa syndicated loan is expected to hit the accounts of the Bank of Ghana (BoG) in the first week of October.

This follows the signing of a cocoa loan syndication agreement in Paris last week between Ghana Cocoa Board (COCOBOD) and other international banks.

The first tranche, which represents 50 per cent of the entire amount of US$1.3 billion, translates into US$650 million, with the remaining US$650 million expected in November this year.

Positive news for cedi
The amount is expected to improve the forex reserves of the central bank and further cushion the cedi which has been relatively stable this year.

In a speech read on her behalf at the signing ceremony streamed live at the premises of the COCOBOD on September 13, Ghana’s Ambassador to France, Ms Anna Bossman, said “one of the major impacts this facility will have on the Ghanaian economy is that it will improve B