Ghana receives first tranche $200m loan disbursement of 2019 AIF $600m deal for cocoa production growth

GHANA COCOA BOARD (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer.

The occasion was marked by a ceremony held in Accra, Ghana followed online by hundreds of observers across the globe. In attendance were COCOBOD and government representatives and participating lenders, including development finance institutions such as African Development Bank, Japan International Cooperation Agency (JICA), Development Bank of Southern Africa and Cassa Depositi e Prestiti Spa. Commercial lenders were represented by Credit Suisse AG, and the Industrial and Commercial Bank of China, London Branch.

The $600 million syndicated loan agreement was signed in November last year at the Africa Investment Forum in Johannesburg. JICA and the African Development Bank agreed to provide $3.5 billion in joint financing under the fourth phase of the Enhanced Private Sector Assistance for Africa Initiative.

“There are challenges with productivity in the country’s cocoa production, as well as with the systems in place for processing and the distribution of cocoa. By strengthening the cocoa bean