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- US$1.3bn finance facility for Ghana’s cocoa
US$1.3bn finance facility for Ghana’s cocoa
The OPEC Fund is contributing US$45 million to the major finance facility for Ghana Cocoa Board (Cocobod) that will support the jobs and incomes of some 800,000 farmers.
The pre-export facility provides a total of US$1.3 billion to finance the purchase of Ghana’s main and light cocoa crop for the 2020/21 season. The West African country is the second largest cocoa exporter worldwide with a 20 percent market share.
A virtual ceremony to mark the signing of the facility took place on September 29 and included statements from Ghana’s Minister for Food and Agriculture, Hon Dr Owusu Afriyie Akoto, Board Chairman of COCOBOD, Hon Hackman Owusu-Agyemang and Cocobod Chief Executive, Hon Joseph Boahen Aidoo. The OPEC Fund was represented by Assistant Director-General, Private Sector and Trade Finance, Tareq Alnassar, and his colleague Karin Oszuszky.
Cocobod is the main body in the Ghanaian cocoa industry. Its main functions are to encourage and facilitate the production, processing and marketing of high quality cocoa in Ghana. Cocoa is the mainstay of Ghana’s economy. More than 800,000 farmers (and their families) are believed to be involved in cocoa farming and its related activities. The crop generates about US$2 billion in foreign exchange annually and is a major contributor to the country’s Gross Domestic Product.