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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

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    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

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    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    BoG, CSA deepen collaboration to fight cyber threats

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

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    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

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Gov’t requests US$1.3 billion syndicated loan to purchase cocoa for 2020/2021 crop season

August 11, 2020
in Agribusiness, Top Stories
cocoa

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Government is seeking parliamentary approval to borrow US$1.3 billion to finance the purchase of cocoa for the 2020/2021 crop season.

An additional GHS6.5 million in tax waivers has also been presented to Parliament.

The requests were made before the Finance Committee of Parliament on Monday, August 10, 2020.

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The House is expected to debate and approve the request or otherwise before it goes on recess later this week.

It will be recalled that the government in 2019 signed the US$1.3 billion loan for the purchase of some 850,000 metric tonnes of cocoa beans from farmers for 2019/2020 crop season.

The amount was a cocoa syndicated loan signed between COCOBOD and some international financial institutions.

COCOBOD in 2019 increased the producer price of beans from GHS7,640 to GHS8,240 per tonne.

With the global fight against COVID-19, most international trading commodities have seen plummeting prices with cocoa also being affected.

The sector is currently in line to benefit from a US$600 million loan facility from the African Development Bank.

The agreement for the funds was signed in November 2019, but the money is yet to hit the accounts of the Bank of Ghana, due to procedural arrangements.

COCOBOD hopeful cocoa season won’t be impacted by Coronavirus

The Ghana Cocoa Board says it has put in place stringent measures to ensure that the 2020/2021 cocoa season is not negatively impacted by the novel coronavirus pandemic.

According to the regulator of Ghana’s cocoa sub-sector, farmers have been supplied with all necessary assistance to keep the production process on track.

Speaking to Citi News, the Chief Executive of COCOBOD, Joseph Boahen Aidoo said farmers were being prepared to take advantage of the critical flowering season.

For this, he said there would be a new emphasis on pruning.

Source: Duke Mensah Opoku / Citinewsroom.com
Tags: COCOBOD
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