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Company News of Wednesday, March 20, 2019
Source: COCOBOD
2019-03-20
Joseph Boahen Aidoo, Executive Director of the Ghana Cocoa Board
Ghana Cocoa Board has signed a new $ 300 million debt-based trade financing facility.
The facility will be used to refinance cocoa bills collected by the Bank of Ghana on behalf of Cocobod and / or to fund production improvement programs.
Cocobod represents various interests of the Ghanaian cocoa industry. It was established in 1947 with the mission of facilitating the production, processing and marketing of good quality cocoa, coffee and shea.
After Ivory Coast, Ghana is the world's second largest exporter of cocoa.
To ensure the sustainability of the cocoa economy in Ghana, Cocobod continues to put in place several strategies, projects and programs to ensure good agronomic practices to preserve the fragile tropical ecosystem, improve working conditions and living conditions farmers, including women and children. .
In order to achieve these objectives more quickly, Cocobod has chosen to include environmental and social objectives in the credit agreement with the Arranging Group.
This aims to promote environmentally friendly cocoa production and increased sensitivity to child labor, as well as the empowerment of women.
The facility will pay an initial margin of 295bps per year. above the USD LIBOR and will include a margin incentive mechanism subject to the achievement of the above-mentioned environmental and social objectives.
The fully subscribed facility was organized by Coöperatieve Rabobank U.A. ("Rabobank"), Crédit Agricole Business and Investment Bank ("CACIB"), Natixis ("Natixis"), Société Générale ("SG") and MUFG Bank, Ltd. ("MUFG"), Mandated Lead Arrangers "or" MLAs "or" Bookrunners "or" Underwriters ") and Ghana International Bank plc (" GHIB ", the" Mandated Lead Arranger "or" MLA ") (together with the MLAs and the Bookrunners, the "Organizing Group" ").
DZ Bank and Nedbank have joined the group of arrangements as mandated principal arranger.
The transaction was successfully closed after a targeted syndication process.
Joseph Boahen Aidoo, CEO of the Ghana Cocoa Board, said: "The Ghana Cocoa Board is pleased with the signing of this facility which will greatly contribute to the realization of its sustainability programs in all cocoa areas to improve social and environmental sustainability of cocoa farming and also improve the livelihoods of farmers.
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