The Ghana Cocoa Board has signed a $420m receivables-backed pre-export Finance facility with twenty seven (27) banks for the purchase of cocoa beans for 2002/3 cocoa season.

Mr. Kwame Sarpong, Chief Executive of COCOBOD signed the agreement on behalf of Ghana Cocoa Board while representatives of the various banks signed on behalf of their companies.

The facility which is the highest amount mobilised for any sub Saharan company, was arranged by Barclays Bank PLC, Standard Chartered Bank, Commerzbank Aktinegesellschaft, Credit Lyonnaise SA, DZ Bank AG Deutsche Zentral-Genossenschaft, Frankfurt, am, MAIN, Ghana International Bank PLC, ING BHF-Bank Aktinegesellschaft and Natexis Banques Populaires, London branch. Others are The Royal Bank of Scotland PLC, UFJ Bank Limited and Rabobank International.

Co-arrangers of the facility included DekaBank Deutsche Girozentrale, Raiffeisen Zentralbank Osterreich Aktingesellschaft, Societe Generale, Sumitomo Mitsui Banking Corporation and Belgolaise S.A.

The lead managers of the facility were the Arab Bank, Sepah International, Erste Bank, Landesbank Rheinland-Pfalz, National Bank of Kuwait, Vereins-und Westbank, Ecobank Ghana Limited and Social Security Bank

Among dignitaries present at the function were the Mr. Martin Quansah, Minister for Political and Economic, who read a speech on behalf of Mr. Isaac Osei, Ghana’s High Commissioner to the UK; Mr. Eric Amenuvor Minister Counsellor for Trade, Ghana High Commission, Mr. Jacob Ofosu-Koree Manager of Cocoa Marketing Company (UK), Mr. Kobina Quansah, MD, Barclays Bank of Ghana Limited as well as representatives of the banks involved in the syndication.

In a speech, at the function which also marked the 10th anniversary of the COCOBOD syndicated loan facility, Mr Osei expressed the Government's appreciation for the continued support shown by the banks in Ghana’s Cocoa industry in spite of the unfavourable global financial landscape and added that the government of Ghana will continue to adopt a prudent approach in the external marketing of its cocoa beans.

He said the industry continues to play a preponderant role in the country’s economy by providing a source of livelihood for about a million Ghanaians and accounts for a third of Ghana’s annual foreign exchange earnings.

“I assure you that your support in the cocoa sector will spur us on as a nation to strive towards higher heights in our efforts to build a viable and strong economy based on the free enterprise system, democracy, rule of law, justice and equity and freedom of the press”. he said.

High Commissioner Osei expressed the hope that the enabling investment climate created by the government would encourage the financial institutions not only to intensify their drive to invest in Ghana but also to diversify into other sectors of the Ghanaian economy.

In a speech, Mr. Sarpong noted that "the cocoa industry demands the adoption and application of new thinking and approaches towards the development of a forward looking cocoa industry to push forward the nation’s development agenda".

He dedicated the success of the syndication loan agreement to the sacrifice, hardwork and the commitment of the Ghanaian cocoa farmers to produce good quality cocoa and hoped that the confidence shown by the banks will encourage the farmers to achieve greater dynamism and uphold best practices.