Ghana’s Parliament Reviews $800 Million Cocoa Season Loan Agreement

Accra – The Finance Committee of Ghana’s Parliament has laid before the House a report on a receivable Trade Finance Facility for Ghana Cocoa Board (COCOBOD). Mr. Kwaku Agyeman Kwarteng, Chairman of the Finance Committee, presented the report detailing the terms of the facility, which involves a consortium of banks and financial institutions, with the Government of Ghana as the guarantor.

According to Ghana News Agency, The facility, amounting to up to $800 million, is intended to finance the purchase of cocoa for the 2023/2024 crop season. In addition to the main agreement, the Committee also discussed a request for a waiver of stamp duty totaling up to $4 million on the same trade finance facility. Furthermore, Mr. Kwarteng laid before the House a report on a Credit Agreement between the Government of Ghana and the International Development Association (IDA) of the World Bank Group. This agreement, amounting to $200 million, aims to finance the Ghana Tree Crop Diversification Project (TCDP), a significant initiative for the country’s agricultural sector.