The Information Minister,Kojo Oppong Nkrumah has revealed that the Ghana Cacoa board is yet to go to secure the syndicated loan to support the country next Cocoa crop season.
According to the Information Minister, Ghana’s current credit ratings on International market does not give a favourable interest rate terms and Government aims at doing terms Blend finance of the loan where the license cocoa buying companies will provide trade component finance of the loan.
Already, Ghana is end at raising some $1.13 billion syndicated loan to finance the purchase of cocoa and stabilise the economy in the next season.
He said, “This year Cocoa board has yet to go to the financial market. The Agric Minister makes it clear to the cabinet that they are preparing now to go to the market but this year they want to do what is called Blended Finance.”
He added that “because of where Ghana’s credit rating is, if they are to go for billion dollars, it comes at a particular rate and because of Ghana’s credit rating that rate is higher”.
Eunice
