(Ecofin Agency) - The Ghana Cocoa Board (Cocobod) secured yesterday in Paris, a syndicated loan of $1.3 billion from a pool of 25 banks to pre-finance the purchase of 850,000 tons of cocoa during 2017-18 season which will begin next month. This was revealed to Reuters by the Cocobod’s deputy managing director, Yaw Adu-Ampomah.

The sum which is 27% lower compared to that obtained last year ($1.8 billion) could be increased to $200 million if needed.

Though the new loan is a good achievement for the Cocobod amid global low prices and a relatively gloomy financial context, it now befalls the government to insure that the money is well distributed to prevent shortage of liquidities during the season, as it was the case during the current one.

Let it be recalled that Ghana expects to produce 950,000 tons of cocoa this season; this would be its best record after the 1 million it had in 2010-11.

Espoir Olodo