First tranche of $1.13bn cocoa syndicated loan to hit BoG account today - Adomonline.com

All things being equal, the first tranche of the $1.13 billion cocoa syndicated loan will hit the account of the Bank of Ghana today October 26, 2022.

This is expected to bolster the Ghana cedi and shore up its value against the US dollar.

The Standard Chartered Bank, Coöperatieve Rabobank, Industrial and Commercial Bank of China (ICBC), MUFG Bank Ltd, Natixis and Ghana International Bank plc were the Initial Mandated Lead Arrangers for the facility.

The London branch of Bank of China Limited joined the facility as Senior Mandated Lead Arranger, while DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and the Arab Bank for Economic Development in Africa (“BADEA”) joined as Mandated Lead Arrangers.

The OPEC Fund, United Bank for Africa PLC, Ahli United Bank B.S.C

and Federated Hermes Inc joined as Lead Managers, whilst AfrAsia Bank Limited, Citibank N.A, Absa Bank Ghana Limited and GCB Bank Plc were joined as Managers.

Since the 1992/93 crop season, Ghana Cocoa Board has consistently and successfully, through the pre-export syndicated finance facility, obtained receivables-backed syndicated loan each year from the international money market to finance its cocoa purchases.