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    Devise measures to stop fuel price increment  – COPEC to government

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    Business gradually booming for traders at University of Ghana as schools reopen [Video]

    Government must appoint only qualified persons to energy sector boards – COPEC

    Inflation for December 2020 rises to 10.4%; still within revised target

    GIPC begins probe into activities of Chy Century Heng Yue Group

    SEC refers CHY Century Heng Yue Group Limited to EOCO

    Businesses must abide by regulations to prevent fire outbreaks – Bureau of Public Safety

    The riser platform stands on the Johan Sverdrup oil field off the coast of Norway in the North Sea, on Tuesday, Dec. 3, 2019. Sverdrup's earlier-than-expected start in October broke a long trend of underperformance for Norway's overall oil production.

    AfCFTA and Dangote’s refinery will make fuel cheaper – Energy Consultant

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    GUTA welcomes Nigeria’s decision to reopen its land borders

    C40 Regional Director for Africa, Mr Hastings Chikoko

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    Devise measures to stop fuel price increment  – COPEC to government

    Business gradually booming for traders at University of Ghana as schools reopen [Video]

    Government must appoint only qualified persons to energy sector boards – COPEC

    Stakeholders in real estate sector confident of a boost in 2021

    Inflation for December 2020 rises to 10.4%; still within revised target

    GIPC begins probe into activities of Chy Century Heng Yue Group

    SEC refers CHY Century Heng Yue Group Limited to EOCO

    Don’t purchase unapproved COVID-19 vaccine – FDA cautions public

    Businesses must abide by regulations to prevent fire outbreaks – Bureau of Public Safety

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    Business gradually booming for traders at University of Ghana as schools reopen [Video]

    Government must appoint only qualified persons to energy sector boards – COPEC

    Inflation for December 2020 rises to 10.4%; still within revised target

    GIPC begins probe into activities of Chy Century Heng Yue Group

    SEC refers CHY Century Heng Yue Group Limited to EOCO

    Businesses must abide by regulations to prevent fire outbreaks – Bureau of Public Safety

    The riser platform stands on the Johan Sverdrup oil field off the coast of Norway in the North Sea, on Tuesday, Dec. 3, 2019. Sverdrup's earlier-than-expected start in October broke a long trend of underperformance for Norway's overall oil production.

    AfCFTA and Dangote’s refinery will make fuel cheaper – Energy Consultant

    Key reforms needed to exceed 1.4% World Bank growth forecast – Economist

    AfCFTA: GUTA calls for access to cheaper credit to be competitive

  • TECHNOLOGY

    Huawei Watch Fit; The perfect smartwatch for everyone

    A close look at the Huawei FreeBuds 3; World’s 1st open-fit active noise-cancellation earphone

    Ashigbey urges government to revise telecoms industry laws to boost growth

    Blend tech with fashion with the new Huawei Watch Fit

    Kick back and enjoy immersive entertainment for the whole family with the MatePad T 10s

    Cost of political adverts on social media to rise by 200% in next election – Maximus

    Huawei announces global release schedule of EMUI 11 update

    Experience powerful all-round performance with the New Huawei Y8s

    Hyundai launches first ever electric car in Ghana

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    World Bank plans to invest over US$5 billion in drylands in Africa

    Be proactive to benefit from AfCFTA – AfroChampions urges businesses in Ghana

    GUTA to commence cross-border trading with Nigeria

    Stakeholders charged to eliminate barriers likely to impede success of AfCFTA

    Ghana can benefit from ‎AfCFTA with hemp production – Business consultant 

    GUTA welcomes Nigeria’s decision to reopen its land borders

    C40 Regional Director for Africa, Mr Hastings Chikoko

    Accra and world’s major cities on track to keep global heating to 1.5°C – Report

    Nigeria to re-open land borders soon – President Buhari hints

    World Bank approves $60 million to strengthen resilience of Africa’s agricultural sector

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Low interest rates will empower local banks to fund cocoa purchasing – BoG Governor

by Nerteley Nettey
June 29, 2020
in Agribusiness, Banking And Finance, Top Stories
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The Governor of the Bank of Ghana, Dr. Ernest Addison, has said reduced domestic interest rates will empower local banks to participate in the cocoa syndicated loan.

COCOBOD is seeking to raise 1.3 billion dollars to finance the 2020/2021 crop season.

But some financial analysts have maintained that the funds used in purchasing cocoa beans would have been retained in the country if more local banks participate in the process.

Appearing before Parliament’s Public Account Committee, Dr. Addison stated that there is the need to work on interest rates to encourage local banks fund cocoa purchasing.

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“This is an important matter primarily because interest rates in Ghana have been relatively high, therefore, COCOBOD has found the syndication to be cost effective. I think that as we bring domestic interest rates down, then financing the entire crop from domestic resources will be better. We have to work towards financing cocoa purchases from our domestic banking system as we bring inflation rates down,” he said.

Ghana’s cocoa industry is a major contributor to government revenue and GDP. It employs approximately 800,000 farm families spread over nearly half of the sixteen regions of Ghana, and generates about $2 billion in foreign exchange annually.

But the COVID-19 containment measures such as the lockdowns, border closures, and social distancing that were announced by government disrupted and dampened economic activities in the country.

Also, most international trading commodities experienced plummeting prices with cocoa also being affected.

This led some banks to reduce interest rates on loans given to businesses or defer interest payments due to the economic impact of the COVID-19 pandemic.

Already, the Monetary Policy Committee of the Bank of Ghana earlier this year reduced the rate at which it lends to commercial banks by 1.5 percent; from 16 to 14.5 percent.

COCOBOD’S launch of $600 million AfDB syndication loan

Ghana’s cocoa regulator, COCOBOD, recently signed a loan facility for productivity enhancement programs of the cocoa sector.

The $600m syndicated receivables backed loan, which was signed in November last year, follows two years of negotiations between COCOBOD and Development Finance Institutions including African Development Bank (AfDB), Japan International Cooperation Agency (JICA), Development Bank of Southern Africa, Credit Suisse AG among others.

The funds are expected to shore up local production of cocoa especially as demand soars amid the novel Coronavirus pandemic.

Already, COCOBOD has drawn ¢200 million from the AfDB to embark on various cocoa projects including pollination and pruning.

 

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