ghana ad ghana ad ghana ad
  • 3Sports
  • Home
  • MG Radio
3news
Advertisement
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
3news
No Result
View All Result
Home Business

We’ve to change habit to grow Ghanaian banks – Hackman

September 30, 2020

Board Chair of the Ghana Cocoa Board (COCOBOD), Hackman Owusu-Agyeman has noted that there is the need for attitudinal change in order to grow Ghanaian banks to enable them partake in syndication.

realityapp realityapp realityapp

He said the savings culture of Ghanaian must improve since this is one way the banks can grow.

Mr Owusu-Agyeman said this when the COCOBOD signed an agreement for a US$1.3 billion syndicated loan facility for the 2020/2021 cocoa crop season on Tuesday September 29.

“We hope that in syndication all the Ghanaian banks can play a role. That will mean that we have to change our habit in Ghana.

RelatedPosts

Ghana, Ivory Coast set up joint committee to tackle attacks on cocoa farmers

Ghana, Ivory Coast set up joint committee to tackle attacks on cocoa farmers

February 26, 2021

COCOBOD denies wrongdoing in purchase of insecticides

November 17, 2020

Cocoa farmers demand free healthcare at cocoa clinics

November 6, 2020

“We have to learn how to save, we have to learn how to keep the banks going in a way that doesn’t not exploit anybody,” he said.

The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD) Joseph Boahen Aidoo has justified why they requested USD1.3billion syndicated loan.

Parliament approved US$ 1.3 billion loan facility from a consortium of banks and financial institutions to finance the purchase of cocoa for the 2020/21 crop season by the Ghana Cocoa Board (Cocobod).

The loan is expected to be used to purchase an estimated 900,000 metric tonnes of cocoa beans from farmers through the Licensed Buying Companies (LBCs) as well as finance other operations of the Board for the cocoa season.

Mr Joseph Boahen Aidoo told journalists in Accra after the signing ceremony which took place on Tuesday, 29th September that the COCOBOD considered the crop outlook of the country to arrive at that amount.

“When you are going for syndication you don’t just go and take the money. You have to sit down and then look at your crop outlook  to see if your crop  outlook can meet  the amount you are requesting,” he said.

“Let me take this opportunity to thank our reliable funding institutions for their continuous trust in the operations of Ghana’s cocoa industry which has culminated in their ever willingness to pull resources together for our annual syndications,” he said.

“We have also returned this trust by ensuring that we never defaulted in repaying the loans since the 1992/1993 crop season when the first one was signed. In fact, on several occasions, the loan was repaid ahead of schedule. The 2019/2020 syndicated loan, for instance, was repaid two months ahead of schedule,” he noted.

A total of 28 institutions, made up of 4 local and 24 international financial institutions participated in this year’s syndication. This was despite speculations and media reports in June that COCOBOD’s international financial partners were reluctant to raise the loan facility due to perceived risks associated with the COVID-19 pandemic.

Mr Aidoo said they were “simply not accurate”. COCOBOD was at the time, he said, negotiating the terms of the proposals with its financial partners and had projected that the terms will be finalised, and the deal signed in September.

The Initial mandated lead arrangers for the US$1.3 billion syndicated loan facility include ABN AMRO Bank NIV, Bank Of China Limited London Branch, Cooperative Rabobank UA and DZ BANK AG Deutsche Zentral-Zenossenscha FTS Bank, Frankfurt AM Main.

The others are Ghana International Bank PLC, Industrial and Commercial Bank of China Limited – London Branch, MUFG Bank Limited, NATIXIS, Societe Generale and Standard Charted Bank.

The four local banks participating are Ecobank Ghana Limited, Societe General Ghana Limited, ABSA Ghana Limited and Stanbic Bank Ghana Limited.

By Laud Nartey|3news.com|Ghana

Previous Post

Kotoko complete Keyekeh deal

Next Post

Football deserves more attention from government – GFA Boss

Related Posts

Ghana, Ivory Coast set up joint committee to tackle attacks on cocoa farmers
Business

Ghana, Ivory Coast set up joint committee to tackle attacks on cocoa farmers

February 26, 2021
Business

COCOBOD denies wrongdoing in purchase of insecticides

November 17, 2020
Business

Cocoa farmers demand free healthcare at cocoa clinics

November 6, 2020
Business

Kooko Pa sets record straight; demands retraction & apology from Multimedia

October 22, 2020
elections

Agbodza offers to pay for publication of cocoa roads audit report

October 19, 2020
Business

Mahama awarded cocoa roads contracts without money – COCOBOD CEO

October 8, 2020
Next Post

Football deserves more attention from government - GFA Boss

Discussion about this post

Stay Connected

  • 1.7M Fans
  • 211k Subscribers
Ghana month Ghana month Ghana month
  • Trending
  • Comments
  • Latest
Video: I’m gay, I prefer men like John Dumelo – Pappy Kojo

Video: I’m gay, I prefer men like John Dumelo – Pappy Kojo

February 21, 2021

Eugene Arhin dragged to court for ‘adultery’; wife demands GH¢2m in settlement

February 11, 2021
Esther Cobbah appointed onto board of IPRA

Esther Cobbah appointed onto board of IPRA

February 18, 2021
NPP PC aspirant defects to NDC in Odododiodio

NPP PC aspirant defects to NDC in Odododiodio

February 23, 2021
AMA begins property data validation exercise

AMA begins property data validation exercise

March 4, 2021
AMA boss inspects Jamestown Fishing Harbour Project

AMA boss inspects Jamestown Fishing Harbour Project

March 4, 2021
New Ameri deal: I’m unaware Akufo-Addo was misled – Dame

Gregory Afoko met bail condition, Godfred Dame lied – Family

March 4, 2021
Congrats Mr President – Alan to Akufo-Addo after SC dismissed election petition

Congrats Mr President – Alan to Akufo-Addo after SC dismissed election petition

March 4, 2021

Recent News

AMA begins property data validation exercise

AMA begins property data validation exercise

March 4, 2021
AMA boss inspects Jamestown Fishing Harbour Project

AMA boss inspects Jamestown Fishing Harbour Project

March 4, 2021
New Ameri deal: I’m unaware Akufo-Addo was misled – Dame

Gregory Afoko met bail condition, Godfred Dame lied – Family

March 4, 2021
Congrats Mr President – Alan to Akufo-Addo after SC dismissed election petition

Congrats Mr President – Alan to Akufo-Addo after SC dismissed election petition

March 4, 2021
3news

3news.com is the fastest growing news portal in Ghana. Get all breaking news updates, latest news headlines, local and world stories, showbiz, lifestyle etc.

Follow Us

Browse by Category

Recent News

AMA begins property data validation exercise

AMA begins property data validation exercise

March 4, 2021
AMA boss inspects Jamestown Fishing Harbour Project

AMA boss inspects Jamestown Fishing Harbour Project

March 4, 2021
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 Media General - Developed and managed by MG Digital.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus

© 2021 Media General - Developed and managed by MG Digital.