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Regional News | Jun 16, 2004

Cocoa farmers in Twifo Praso to receive 669.6 million cedis loan

GNA

Twifo Praso (C/R), June 16, GNA - The Twifo-Hemang-Lower-Denkyira District Assembly has signed a Memorandum of Understanding with the Ghana Commercial Bank (GCB) for a loan of 669.6 million cedis to assist cocoa farmers to expand and maintain their farms.

One hundred and twenty farmers who would be expected to use the money to purchase high-tech cocoa fertilizers to improve on their yield would benefit from the facility.

Mr Abraham Odoom, District Chief Executive signed the loan agreement on behalf of the District Assembly, while the Legal Advisor of the Bank, Mr Kweku Ayima Kyei, and Mr Kweku Osei-Mensah, initialled for the GCB. The Produce Buying Company (PBC) and Federation Commodities Company (FEDCO) were guarantors of the loan, which would be paid by instalment for one year.

Mr Odoom assured the bank that the selected farmers were credit worthy who would not default in payment and appealed to other financial institutions to extend similar assistance to the farmers.

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