COCOBOD signs 1.5 billion dollar trade-finance deal for new cocoa season
Posted on: 12-Sep-2012
COCOBOD has signed a 1.5 billion dollar pre-export finance agreement for the 2012/2013 cocoa season.
It signed the agreement with 31 local and international banks for cocoa purchases in the upcoming season.
The amount is however lower than last year’s 2 billion dollar facility.
After the signing ceremony, COCOBOD’s Chief Executive, Anthony Fofie explained to Joy Business why such a development.
“Normally you look at your forecast before you ask for the money so you can know what you’re going to use the money. So after looking at our forecast we settled on the amoun" he noted.
This year hasn’t been very good as opposed to last year when we hit the 1 million metric tonnes target. And you know cocoa production is very dependent on the weather and this has not been too favourable this year” he added.