Gov't secures $2bn loan for purchases of cocoa

Gov't secures $2bn loan for purchases of cocoa

Parliament has approved a two billion dollar loan facility for the purchase of cocoa by the Ghana Cocoa Board (COCOBOD) for the 2016-2017 cocoa season.

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Key among the issues raised by the minority include the cost of $35.7 million meant for arrangement and participation fees, labor, and commitment fees among others and also the ambiguity regarding the terms of the loan.

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In a related development parliament  has begun investigating a report from the 2015/2016 expenditure of the Ghana Cocoa Board (Cocobod) which shows that the board spent $20,000 to rent a venue for a signing ceremony. Some members of the Minority caucus in Parliament raised concerns over the amount which was taken out of a $1.8 billion syndicated loan for the 2015/2016 crop season as they call for the chief executive officer of the board, Stephen Opuni to be interrogated.

Source: Yen.com.gh

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