Joseph Boahen Aidoo, CEO, COCOBOD

Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo, has assured banks that it will remain a dependable first class borrower that pays back loans on time. 

He was speaking at the signing of a US$1.3 billion syndicated loan provided by a consortium of about 24 banks for COCOBOD to purchase 2019/2020 cocoa yield.

COCOBOD has been relying on syndicated loans since 1991, to purchase cocoa produced in the country.

The practice has become a phenomenon which has been condemned widely, because critics do not understand why they are unable to recoup and reinvest the money but has to borrow every year.

But, the COCOBOD boss, addressing a gathering for the signing ceremony at Paris, France, said they are embarking on numerous policies to guarantee long-term sustainability of Ghana’s cocoa sector and boost COCOBOD’s status as dependable first class borrower.

Mr Aidoo also pleaded with the banks to reduce their interest rates to enable COCOBOD access more funds next year.

The money will be received in tranches. First tranche of $650 million dollars is expected to hit the account by October 1. The 2nd of $650 million dollars is also expected soon.

Source: | Adom News | Kwame Kulenu