Joseph Boahen Aidoo-CEO COCOBOD
THE GHANA Cocoa Board (Cocobod) has reportedly signed a new three-year receiveables-backed trade finance facility of $300 million.
A statement made available to DGN Online by the public affairs department of Cocobod says “the facility will be used to refinance Cocoa bills raised by Bank of Ghana on behalf of cocobod and/or to finance production enhancement programmes.”
It said “the facility will pay an initial margin of 295bps p.a. over USD Libor and will include a margin incentive mechanism subject to the achievement of the above-mentioned environmental & social objectives.”
It added that “the fully underwritten facility was arranged by Cooperative Rabobank U.A. (“Rabobank”), Credit Agricole Corporate and Investment Bank (CACIB), Natixis (“Natixis”) and MUFG Bank Limited.”
According to the statement, the arranging group was joined by DZ Bank and Nedbank as Mandated Lead Arrangers, adding that the transaction has been successfully closed following a targeted syndication process.
The deal is said to have been signed on Tuesday, March 19, 2019.
Commenting on the deal in the statement, Chief Executive of Cocobod, Joseph Boahen Aidoo, noted that “Ghana Cocoa Board is pleased with the signing of this facility which will go a long way to help in carrying out its sustainability programmes in all cocoa regions to enhance the social and environmental sustainability of cocoa farming and also improve the livelihood of farmers.”
BY Melvin Tarlue