Ghana’s cocoa syndicated loan to reduce by a staggering $400 million dollars

Ecobank Ghana has announced Joana Mensah as the acting Managing Director. She replaces Dan Sackey, who was at the helm from 2016 to August 15, 2023, when he officially retired from the bank. Ms Mensah is expected to remain in this role until a substantive person is named later. Ecobank Ghana is yet to announce the timeline for this process, and the identities of any contenders for the position of substantive MD. Until this appointment, Joana was the Country Chief Risk Officer of Ecobank Ghana, responsible for managing the enterprise-wide risk functions across the Bank since May 2019.

🚩Governor of the Bank of Ghana, Dr Ernest Addison has hinted that the size for this year’s Cocoa Syndicated Loan will reduce to about $800 million, which is a decline to the earlier figure of $1.2 billion. He explained that this forms part of debt sustainability measures contained in the IMF programme to restore macroeconomic conditions across the cocoa value chain. Speaking at a joint IMF-Finance Ministry press briefing in Accra on October 6, 2023, Dr Addison confirmed that the cocoa regulator [COCOBOD] will still receive the syndicated loan facility for this year.

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Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Myjoyonline, Ghanaweb, Doobia, BBC, Graphic Business, B&FT, StarFmonline, Ghana News Agency.