Ghana Cocoa Board (COCOBOD) is expected to begin repayment of the 1.8 billion dollars syndicated loan from a consortium of banks, on the world financial market, to finance cocoa purchases in the 2015/16 crop season.
[contextly_sidebar id=”HnggWrrbMSJR4aowlgjHAqNIrewPR1jU”]Citi Business News has gathered that the repayment of the loan is expected to begin at the end of February and will be completed in seven months, by which time the principal and the accumulated interest would have been paid off fully.
COCOBOD has, since the 1992/3 cocoa season, resorted to the international market to raise money to fund the purchase of cocoa beans from farmers through Licensed Buying Companies (LBCs).
The Public Affairs Manager of COCOBOD, Noah Amenyah, in an interview with Citi Business News said the payment would be completed by August 2016 to allow for new arrangement for the new crop season 2016/17.
“Everything is on schedule for us to pay back that entire loan as the payment is starting at the end of the month; so we are ready with the amount to be paid. We will pay it in installments within seven months and by the end of that period, we should have finished paying for the loan,” Noah Amenyah said.
“The repayment will end by August 2016 which will give us the opportunity to begin the new season in September this year,” He added.
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By: Norvan Acquah – Hayford/citifmonline.com/Ghana