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COCOBOD, African Development Bank celebrate disbursement of loan to boost cocoa productivity
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Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer.
The occasion was marked by a ceremony held in Accra, Ghana on Tuesday, June 23, 2020 was followed online by hundreds of observers across the globe.
In attendance were COCOBOD and government representatives and participating lenders, which included development finance institutions: the African Development Bank, the Japan International Cooperation Agency (JICA), the Development Bank of Southern Africa, among others.
The $600 million syndicated loan agreement was signed in November last year at the Africa Investment Forum in Johannesburg, South Africa.
JICA and the African Development Bank agreed to provide $3.5 billion in joint financing under the fourth phase of the Enhanced Private Sector Assistance for Africa Initiative.
Joseph Boahen Aidoo, Chief Executive Officer of COCOBOD, highlighted the challenges of production, processing and distribution of cocoa in the country but noted that efforts were being made to address them.
“By strengthening the cocoa bean-centric agricultural value chain and related industries, the facility will help COCOBOD to contribute to achieving Sustainable Development Goals,” he said.
According to officials, COCOBOD would use the facility to raise cocoa yields per hectare and increase Ghana’s overall production.
Activities under the facility would include the allocation of financing to sustainably increase cocoa plant fertility, improve irrigation systems, and rehabilitate aged and disease-infected farms.
The funds would help increase warehouse capacity and provide support to local cocoa-processing companies also.
Dr Jennifer Blanke, African Development Bank Vice President for Agriculture, Human and Social Development, said “loan to COCOBOD aims to improve the quantity and quality of local processing, boosting incomes of local farmers and their communities and generating new and better jobs.”
Yasumichi Araki, Chief Representative of JICA Ghana, said “JICA will continue to commit to the cocoa industry in Ghana through innovative interventions to COCOBOD.”
The Development Bank of Southern Africa is also partnering with COCOBOD to further enhance Ghana’s position as one of the leading producers of quality cocoa in the world.
-News Desk
President John Dramani Mahama today cut the sod for the construction of a 24-Hour Economy Model Market in Juapong, North Tongu District, marking the commencement of a transformative project aimed at boosting local commerce, creating sustainable jobs, and driving economic growth in the Volta Region.
The sod-cutting ceremony formed part of the President’s two-day ‘Resetting Ghana Tour’ of the Volta Region.
Addressing residents and stakeholders, President Mahama described the proposed facility as a modern economic centre designed to empower farmers, traders, entrepreneurs, and small businesses.
He noted that beyond serving as a marketplace, the project will provide critical infrastructure for storage, processing, packaging, distribution, digital commerce, and access to financial services.
The President reaffirmed Government’s commitment to accelerating development across the Volta Region through strategic investments in roads, healthcare, education, agriculture, transport, markets, and agro-industrial initiatives.
He highlighted Juapong’s strategic location and economic potential, indicating that the town is well-positioned to emerge as a key commercial and industrial destination within the region.
As part of the flagship 24-Hour Economy programme, the Juapong Model Market will be among the largest facilities under the initiative.
The project has been designated as a Category Four Market, the highest classification within the programme, reflecting its significance to the region’s economic transformation.
Broadcast journalist and aspiring National Democratic Congress (NDC) parliamentary candidate for Gomoa West, Blessed Godsbrain Smart, popularly known as Captain Smart, has pledged to embark on major infrastructure development if elected to represent the constituency in Parliament.
Speaking on Onua TV platform, Captain Smart said his priority would be to transform Gomoa West through extensive development projects.
“I will turn the constituency into a construction site,” he declared, stressing his commitment to improving infrastructure across the area.
Although much of his remarks focused on rallying supporters in local languages, he repeatedly assured residents that they would witness significant development under his leadership.
Captain Smart also urged party supporters to remain united and actively participate in the party’s internal activities ahead of the parliamentary primaries.
He expressed confidence in his bid and promised to work hard to improve the lives of people in Gomoa West if given the opportunity to serve as their parliamentary candidate.
By: Jacob Aggrey
