United Bank for Africa, America (UBA America) has partnered other banks to arrange US$1.3bn syndicated loan to purchase cocoa beans by the Ghana Cocoa Board (COCOBOD) in the 2020/2021 crop season.
According to a statement from COCOBOD, UBA America, as one of the participants in the syndication, partnered other financial institutions such as the ABN Amro Bank, Cooperative Rabobank UA, DZ Bank AG Deutsche, Industrial and Commercial Bank of China Limited, and the Commerzbank Aktiengesellschaft.
The loan agreement signed on Tuesday, 29 September 2020 through a virtual ceremony. The loan will be used to purchase an estimated 900,000 metric tonnes of cocoa beans from farmers through the Licensed Buying Companies (LBCs) for the 2020/2021 cocoa season.
Commenting on the loan, MD/CEO of UBA Ghana, Mr. Olalekan Balogun praised the management of COCOBOD for working efficiently to secure the future of farmers with hence the introduction of various schemes to support the farmer.
He said, UBA will continue to offer its support to the cocoa sector to ensure the total development.
The Minister of Food and Agriculture, Dr. Owusu-Afriyie Akoto, thanked the financial institutions for the interest, stressing the loan facility would help the country to achieve its production targets.
Since inception in 2005, UBA Ghana has established its presence in Ghana as a full financial service institution providing retail, corporate and investment banking services. The bank offers a wide range of uniquembanking solutions and products to its customers.
The Bank pioneered the entry of a new generation of foreign banks into Ghana in January 2005. UBA Ghana’s presence in the banking industry in Ghana over the last decade has revolutionized banking in the industry, where competitive innovation in responding to the needs of the customers has become the driving force of the industry.