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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Ghana secures $1.8 bn for 2016/2017 cocoa purchases

bycitibusinessnews
September 21, 2016
in Government, Local Economy, Top Stories
Ghana cocoa
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Ghana has signed a 1.8 billion dollar loan facility for the purchase of cocoa beans for the 2016/2017 crop year.

The facility comes with an all-inclusive rate of 1.468 percent.

The agreement was reached at a ceremony between Ghana and representatives from 24 syndicated banks in Frankfurt, Germany Wednesday, September 21, 2016.

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Locally owned bank, Fidelity Bank is also part of the agreement.

Under the agreement, Ghana is entitled to an extra 200 million dollars from the syndicated banks if the cocoa crop performs better and requires further funds.

Speaking at the ceremony, the CEO of COCOBOD, Dr. Stephen Kwabena Opuni, was hopeful the country will meet the output target of between 850,000 metric tonnes and 900,000 metric tonnes for the 2016/2017 crop season.

“We are confident of achieving our production target of 850,000-900,000 metric tonnes during the 2016/2017 cocoa season which begins in October 2016,” he stated.

He however decried the impact of the extensive harmattan weather which affected crop production for the 2015/2016 crop season.

“We must admit that our production target for 2015/2016 cocoa season has been adversely affected by the severe and prolonged dry weather conditions that lasted from December 2015 to March 2016.”

Meanwhile Dr. Opuni is confident the country could add at least 500,000 metric tonnes of cocoa in the next ten years following some improvements such as the provision of seedlings to farmers in the sector.

Ghanaian delegation present at the ceremony included the CEO of the Ghana Cocoa Board, Dr. Stephen Opuni; Deputy Finance Minister- Cassiel Ato Forson, Ghana’s Ambassador to Germany, Akua Sena Dansoaa as well as other officials.

The 2016/2017 syndicated loan facility

The facility is the 24th since its inception in 1992/1993 crop year.

It has a four months’ moratorium and seven months repayment period which starts in February, 2017 and will be completed in August 2017.

The facility was oversubscribed by 640 million dollars.

A total of twenty-four banks are involved in this year’s facility with lead arrangers being eight .viz. Deutsche Bank AG, Natixis, Nedbank Limited of South Africa, Rabobank, Standard Chartered Bank, Societe Generale (SG), while the Bank of Tokyo-Mitsubishi UFJ Ltd and DZ Bank were co-arrangers.

–
By: Pius Amihere Eduku /citibusinessnews.com/Ghana

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