Ghana saves $120million on Cocoa Syndicate Loans - COCOBOD CEO

By Prince Atta- Boateng II Contributor

Trade And Commerce Ghana saves $120million on Cocoa Syndicate Loans - COCOBOD CEO

TUE, 19 NOV 2024

Ghana has saved $120 million by opting out of expensive syndicated loans from foreign sources to purchase cocoa, according to COCOBOD CEO Mr. Joseph Boahen Aidoo.

This shift comes as COCOBOD adopts a zero-borrowing approach to finance cocoa purchases for the 2024/2025 crop season, moving away from its previous reliance on costly foreign loans.

Mr. Aidoo recently engaged with cocoa farmers in Antoakrom, Obuasi, and Adansi Akrofuom Constituency in the Ashanti region, encouraging them to support the NPP government, which he says has shown strong commitment to protecting Ghana's cocoa industry.

The new financial model is expected to ease the financial burden on COCOBOD and promote more sustainable operations.

In the past, COCOBOD secured offshore syndicated loans at interest rates as low as 1.5% in 2016. However, in recent years, the rates have risen sharply to 8%.

The organization’s inability to secure favorable international financing has prompted a shift towards local financing, despite higher interest rates and growing debt.

Disclaimer: ModernGhana is not responsible for the accuracy or reliability of this report and its content. More Follow our WhatsApp channel for meaningful stories picked for your day.

Please note that ModernGhana is not responsible for the accuracy or reliability of this report and its content.

As a content curation and syndication platform, we ethically select and publish news articles from various credible online sources that we believe will be of interest to our readers.

We publish four types of content on a daily basis: Curated content, Syndicated content, User-generated content and Original content.

Our curated content consists of carefully chosen articles from reputable websites, which are properly credited and linked back to the original source to drive traffic.

Syndicated content is provided to us by other websites looking to increase their readership and expand their brand awareness. User-generated content includes opinion pieces and contributions from our dedicated readers, which we publish for the benefit of our diverse audience.

Additionally, we produce original content through our team of experienced journalists and correspondents from across the country. It is important to note that the opinions expressed on this platform do not necessarily reflect our own views. We value freedom of speech and therefore, may publish opinions that may not align with our own or those of our readers.

We understand that some opinions may be objectionable to some individuals, but we believe in upholding the principle of absolute freedom of speech. If you do not agree with this principle, we kindly advise you not to visit our website.

READ MORE

Comments

Latest Photo Reports

Catch up with all political quotes from our politicians.