Business

Parliament approves $1.5 billion cocoa syndicated loan

Government is seeking an amount of $1.5 billion for the purchase of Cocoa beans for the 2019/2020 crop season.

In a motion tabled before parliament, Cocobod wants receivables backed trade finance facility from a consortium of banks and financial institutions.

It’s expected that the motion would be approved later today before the House ends its second meeting for the season.

COCOBOD last year raised about $1.3 billion for the purchases of about 900 million metric tonnes of cocoa beans for the crop season.

The cocoa sector accounts for 4.5 per cent of GDP and contributes 25 per cent of Ghana’s merchandise export earnings.

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