Agriculture

US$1.3 billion loan request to purchase cocoa tabled before Parliament

The Government of Ghana is requesting for a Parliamentary approval to loan US$1.3 billion to finance the purchase of cocoa for the 2020/2021 crop season.

This follows the regulator of cocoa, Ghana Cocoa Board (COCOBOD) given the strongest assurance that its annual cocoa syndication loan facility will go ahead despite the COVID-19 pandemic.

The request which was made on Monday, August 10, before the Finance Committee in the House also entails a presentation of an additional GH¢6.5 million in tax waivers.

Consequently, after the request was made before the committee, it is expected that members are to debate and approve the request prior to their recess later this week.

Meanwhile, government in 2019 signed the US$1.3 billion loan for the purchase of some 850,000 metric tonnes of cocoa beans from farmers for 2019/2020 crop season.

The amount was a cocoa syndicated loan signed between COCOBOD and some international financial institutions.

Earlier in 2019 crop season, COCOBOD increased the producer price of cocoa beans from GH¢7,640 to GH¢8,240 per tonne.

The African Development Bank (AfDB) in 2019, however, granted a US$600 million loan facility geared towards the development of Ghana’s cocoa sector.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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