Business News of Tuesday, 12 November 2019Source: gbcghanaonline.comCOCOBOD gets $600 million for production, warehousing and processing interventionsCEO of COCOBOD, and President of the African Development Bank after the signing ceremony. COCOBOD has received a $600 million syndicated loan facility from the African Development Bank, and Credit Suisse Group AG, to finance key components of the organisation’s productivity enhancement programmes. These discussions and subsequent follow-up meetings culminated in Tuesday’s signing ceremony, which will ensure that COCOBOD implements production, warehousing and processing interventions, with the ultimate aim of boosting farmers’ incomes, and adding value to Ghana’s cocoa beans. In delivering this facility, the African Development Bank has acted as the mandated, lead arranger with a tranche of $250 million, and Credit Suisse arranging the commercial tranche of up to $350 million, with ICBC acting as joint underwriter. In his remarks, President Akufo-Addo thanked the African Development Bank and Credit Suisse for their support for Ghana’s bid to enhance her infrastructure in the cocoa industry.

Source: GhanaWeb November 12, 2019 11:37 UTC