Ghana Cocoa Board has officially launched the syndicated AFDB loan facility which was signed somewhere last year in South Africa of an amount of 600 million dollars.
The loans facility is for productivity enhancement program to help the Ghana Cocobod to secure the future of the Cocoa industry and also solve some of the problems facing the industry.
Speaking at the launching ceremony of the syndicated loan facility secured by Government and Ghana Cocoa Board, the minister for Food and Agriculture, Owusu Afriyie Akoto said the aim of the loan facility is to recapitalize Cocoa Board to increase productivity by increasing Cocoa yield per hectare through hand pollination, improve irrigation systems and rehabilitation of aged and disease infected farms, increase warehouse capacity and provide support for local processing companies.
The minister revealed that the loan facility was secured through African Development Band, Japan International Cooperation Agencu, Development Bank of South Africa and Cassa Depositi e Prestiti among other commercial finance agencies that signed the 600 million syndicated receivables- backed loan facility with Ghana Cocoa Board to boost cocoa productivity in Ghana.
The Chief Executive Officer for the Ghana Cocoa Board, Mr Boahen Aidoo speaking to Oman Fm Parliamentary correspondent, Nana Ampofo Ayeh he said the loan facility would be used for it’s intended purposes to help the cocoa industry in the country.
