Ghana Cocoa Board launches US$1.3bn PXF

News | 5 June 2017

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The Ghana Cocoa Board (Cocobod) has launched a pre-export finance (PXF) worth US$1.3bn with a syndicate of international banks.

Cocobod’s cyclical 11-month facility will be used to purchase cocoa beans for the 2017/18 season, which begins in October 2017. It will also go towards ancillary costs.

The facility will pay a margin of 65bps per annum over US$ LIBOR and is backed by Cocobod’s receivables.

Rabobank, Crédit Agricole, Natixis, Standard Bank, SMBC, and Ghana International Bank acted as co-ordinating initial mandated lead arrangers.

Cocobod is a state-owned that is responsible for Ghana’s cocoa industry, and has control over the purchase, marketing and export of all cocoa beans. 

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