The Ghana Cocoa Board (COCOBOD) has debunked reports that it has aborted the cocoa syndication loans for the 2023/2024 crop season, saying, it is in process of raising $800 million from a syndicate of banks to finance cocoa purchases.

“Since the beginning of the Season, cocoa purchases have been financed with non-collateralised cocoa sales proceeds. COCOBOD is therefore still in the process of securing the syndicated loan for the 2023/24 Crop Season”, it said in a press release.

The statement also explained that COCOBOD had an initial plan to raise additional fund on $400 million.

“The strategy was therefore, to use a pre-financing arrangement with the international buyers to raise an amount of $400 million for purchases at the beginning of the Season in September 2023”.

“These initial funds were expected to be augmented by an additional US$800 million loan from a syndicate of lenders by the end of November, 2023. After engagements with buyers for several weeks, the arrangement was however discontinued”, it added.

The statement said the Board of the Company has received firm response from bankers on the Cocoa Syndicated Loan which has been laid in Parliament for consideration and approval.

“We wish to use this medium to assure our stakeholders that the necessary arrangements have been made to secure enough funding for cocoa purchases for the year under review”, it said.