BREAKING NEWS: Cedi Depreciation to Reduce As Confirmed Good News Hits Ghana -See More Details

According to reports, the Bank of Ghana got the $790 million Cocoa Syndicated loan on October 29, 2022.

According to a story on myjoyonline.com, the cedi equivalent would be handed to cocoa growers to buy cocoa beans.

Ghana has recently had to depend on foreign currency reserves to shore up its reserves in order to limit the cedi’s devaluation.

The cedi’s devaluation slowed this week to trade at GH13.10, but it has since rebounded to GH13.85.

The second tranche of around $340 million, which will be distributed over three months, will arrive between November 2022 and February 2023. The facility’s interest rate is 1.75%.

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The facility’s first mandated lead arrangers were Standard Chartered Bank, Coöperatieve Rabobank, Industrial and Commercial Bank of China (ICBC), MUFG Bank Ltd, Natixis, and Ghana International Bank plc.

Bank of China Limited’s London office became the facility’s Senior Mandated Lead Arranger, while DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, and the Arab Bank for Economic Development in Africa (“BADEA”) became Mandated Lead Arrangers.

Ecobank has joined as an Arranger. The OPEC Fund, United Bank for Africa PLC, Ahli United Bank B.S.C., and Federated Hermes Inc were appointed as Lead Managers, with AfrAsia Bank Limited, Citibank N.A, Absa Bank Ghana Limited, and GCB Bank Plc joining as Managers.