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ACCRA, Sept 29 (Reuters) – Ghana’s cocoa board (Cocobod) signed on Tuesday a $1.3 billion pre-export finance deal for the 2020/21 cocoa season through a syndicated loan, following reports earlier this year that its usual lenders had declined to underwrite the risk.
A coalition of 28 local and international banks and financial institutions, including ABN Amro ABNd.AS, Standard Chartered STAN.L and Bank of China 601988.SS, were party to the loan, which is repayable in seven months, said Cocobod CEO Joseph Boahen Aidoo at the signing ceremony.
He said Cocobod expected purchases of 900,000 tonnes for the 2020/21 season.
“We never defaulted in repaying the loans since the 1992/1993 crop season when the first one was signed,” Aidoo said, adding last year’s loan was re-paid two months ahead of schedule.
A parliamentary report in August said the loan would carry annual interest of one month