Govt Pushes For US$1.3bn Cocoa Loan


GOVERNMENT HAS asked Parliament to approve terms of a receivables-backed Trade Finance Facility between Ghana Cocoa Board (COCOBOD) and a Consortium of Banks and Financial Institutions for US$1.3 billion to finance the purchase of cocoa for the 2022/2023 Crop Season by the COCOBOD.

Government is the guarantor for the said amount under the agreement.

Minister for Roads and Highways, Kwasi Amoako-Attah, on behalf of the Finance Minister, presented the agreement to the House on Tuesday evening.

He consequently presented a request for waiver of stamp duty amounting up to the Ghana Cedi equivalent of US$6.5 million on the trade finance facility.

The Second Deputy Speaker, Andrew Amoako Asiamah, referred the facility and request to the Finance Committee and Leadership of the Committee on Food, Agriculture and Cocoa Affairs for consideration and report.

Meanwhile, Mr. Amoako-Atta, on behalf of the Finance Minister, again presented three bills, which were read for the first time.

They are the Penalty and Interest Waiver Bill, 2022; Income Tax (Amendment) Bill, 2022; and Value Added Tax (Amendment) Bill, 2022.

The Second Deputy Speaker referred the bills to the Finance Committee for consideration and report.


BY Ernest Kofi Adu, Parliament House