African Export-Import Bank (Afreximbank) is in the process of finalising a US$54mn loan with a Ghanaian company to build a cocoa plant.

Afreximbank vice-president Okey Oramah tells GTR that the deal will solidify the bank’s efforts in expanding its processing capacity in Cote’Ivoire, Nigeria and Ghana.

The loan will help support the production and increase shipments of processed cocoa beans in West Africa; currently Africa produces nearly 80% of the world’s cocoa beans, but is only able to process about 20% of the production.