COCOBOD, Japan International Cooperation Agency, JICA and other Development Finance Institutions have announced a $600 million credit facility for COCOBOD’s Productivity Enhancement Programmes (PEPs).
The facility is part of a number of projects in line with the Ghana beyond Aid agenda.
In November 2019, Development Finance Institutions (DFI) including African Development Bank (AfDB), Japan International Cooperation Agency (JICA), Development Bank of Southern Africa (DBSA) and Cassa Depositi e Prestiti Spa (CDP), and commercial finance agencies such as Credit Suisse AG(London Branch), the Industrial and Commercial Bank of China(London branch) and other International agencies, signed a $600 million syndicated receivables-backed loan facility with Ghana Cocoa Board (COCOBOD) to boost cocoa productivity in Ghana.
Speaking at the signing ceremony, Chief Executive Officer of COCOBOD, Mr Joseph Boahen Aidoo stated that the money will help COCOBOD to contribute to curtailing the challenges with productivity of the country’s cocoa production.
“As the second largest cocoa bean producing country in the world, Ghana fulfills a major part of supplying to the demand around the world. However, there are challenges with productivity of the country’s cocoa production, as well as with the systems in place for processing and the distribution of cocoa. By strengthening the cocoa bean-centric agricultural value chain and related industries, the finance will help COCOBOD to contribute to achieving SDG Goals 1 (no poverty), 8 (decent work and economic growth) and 12 (responsible consumption and production),” he said.
He also said that, “COCOBOD will use the facility to raise cocoa yields per hectare and increase Ghana’s overall production. These include financial interventions to sustainably increase cocoa plant fertility, improve irrigation systems, and rehabilitate aged and disease-infected farms. The funds will also help increase warehouse capacity and provide support to local cocoa-processing companies.”