Home / BUSINESS NEWS / COCOBOD Denies Reports Of Loan Rejection By International Banks

COCOBOD Denies Reports Of Loan Rejection By International Banks

Spread the love

Ghana Cocoa Board (COCOBOD) has vehemently denied claims that it was rejected by international banks in its quest to secure a $1.5 billion loan for the 2024/2025 cocoa crop season.

This comes after Minority Leader Cassiel Ato Forson alleged that the loan request failed to attract interest from international banks due to COCOBOD’s poor financial health and the reported decline of the cocoa sector under its current management.

However, in a statement issued on Friday, August 22, COCOBOD countered that syndicated banks had submitted term sheets in response to its earlier Request for Proposals (RFP) for consideration, describing the Minority’s assertion as “false”.

COCOBOD explained that these transactions have necessitated discussions with financial institutions, emphasising that nothing indicates a lack of confidence in its creditworthiness.

“The assertion by the Minority Caucus that the International Banks have rejected the Ghana Cocoa Board’s request and that COCOBOD was ‘chased away’ from the market is false. This is so because syndicated banks submitted term sheets in response to COCOBOD’s earlier Request for Proposals (RFP) for consideration.

“Indeed, notwithstanding our intentions to wean off syndicated transactions, we still have committed contracts that need to be fulfilled through the syndicated process.
These transactions have necessitated a discussion with financial institutions, and nothing in this process indicates, to us, a lack of confidence in COCOBOD’s creditworthiness from these financial institutions.”

COCOBOD criticised the Minority for issuing a press statement containing numerous “falsehoods, inaccuracies, and misrepresentations” about the current state of the cocoa sector and COCOBOD’s decision to transition away from syndicated external borrowing.

The board categorically denied the Minority’s claim that its decision to source funding domestically is a ‘face-saving’ measure to conceal its financial difficulties, describing this assertion as “categorically untrue”.

“The Minority’s claim that COCOBOD’s decision to source funding domestically is a ‘face-saving’ measure to hide its financial difficulties is categorically untrue.”

 

 

 

 

 

 

 

 

THANK YOU for constantly reading stories on MyGhanaMedia.com, a news publishing website from Ghana. Kindly like, follow, comment, and SHARE stories on all social media platforms for more entertaining updates!

Please subscribe to our YouTube channel:  https://youtube.com/@mgmtv113
Follow us on Facebook:  https://www.facebook.com/myghanamedia3
  Click on the link to join the My Ghana Media channel:  https://whatsapp.com/channel/0029VaPItUF4tRrplYzhHn0U

 

Source:  MyGhanaMedia.com

 

There are four types of content published on MyGhanaMedia.com daily: curated content; syndicated content; user-generated content; and original content. 

 

 

 

Send your news stories to myghanamedia@gmail.com 

 

About Adwenpa-Hene

we publish on Entertainment, Sports, Politics, Lifestyle, and Technology. You can also follow Us on : YouTube Channel - My Ghana Media TV, Facebook - MyghanaMedia TV , Twitter - @MyGhanamedia2 & Instagram - My Ghana Media TV. Email Address: myghanamedia@gmail.com Contact Us: 0200818719

Check Also

Asante Akyem North NDC Parliamentary Candidate Attacks Salt FM With Thugs

Spread the love Chaos broke out at a local radio station in Asante Akyem Agogo, …

x