Cocobod’s annual pre-export finance (PXF) facility has been oversubscribed by as much as 70%.
The Ghana Cocoa Board had tapped the market for US$1.2bn, but US$2.1bn has been offered by a consortium of local and international banks. More than 100 financial institutions were reportedly interested in joining the syndication.
Although the oversubscription has been welcomed by Cocobod, not all bids will be accepted, and the company will only take what it asked for.
The amount raised this year is US$300mn shy of the US$1.5bn raised for the 2012/13 season.
Signing of the loan will take place on September 20.