By October 2022, the Bank of Ghana (BoG) will receive $1.3 billion in its account as the first instalment of the syndicated COCOBOD Cocoa loan.

Once this first installment is received, the second installment of 390 million dollars, spread over three months, is expected to arrive between November 2022 and February 2023, according to the Ghanaian Times report. The report said that the Bank of Ghana should “draw” funds from the Ghana International Bank in London, one of the banks participating in the program.

The document emphasizes that the central bank will take the dollars and give the equivalent in cedi to COCOBOD for cocoa purchases for the next agricultural season. According to the report, a team composed of officials from the Ministry of Finance, the Bank of Ghana and COCOBOD was due to conclude the Road Show for the loan agreement in London yesterday. In addition, the local currency has depreciated against the dollar by more than 30% since the beginning of 2022.