IFC and Absa announce $50M facility to bolster Ghana's cocoa value chain
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
The International Finance Corporation and Absa Bank Ghana announced a joint $50 million unfunded risk participation facility to support the cocoa value chain in Ghana. The facility is designed to enable Absa Bank Ghana to provide financing to selected Licensed Buying Companies (LBCs) that purchase traceable cocoa from farmers across the country. This initiative supports over 139,000 smallholder farmers and aligns with sustainable farming practices outlined in the Paris Agreement.
From ghanaiantimes.com.gh
Why it matters
The partnership aims to sustain reliable market access for smallholder farmers and contributes to the overall stability of the cocoa sector. The support of the cocoa value chain is viewed as an important pillar of Ghana's export economy.
From ghanaiantimes.com.gh
Who's involved
- International Finance CorporationCo-announcer of the risk participation facility supporting the cocoa sector in Ghana.
- GhanaCountry whose cocoa value chain is being supported by the new financing facility.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- GhanaSpeculative
The influx of international finance and support for sustainable practices could bolster the vital cocoa export economy.
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The entities involved
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International Finance Corporation
World Bank Group member financial institution
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Ghana
country in West Africa
Related events
- A cooperation agreement was signed in Accra between the Government of Ghana and the Government of Japan regarding sustainable cocoa development.
- A study from the University of Oxford addresses cocoa production challenges in Ghana and Ecuador.
- Agreed to harmonize cocoa farm-gate pricing policies in Ghana.
- Ghana and West Africa discussed shared challenges related to cocoa production systems.
- Ghana saw simultaneous developments including COCOBOD setting cocoa prices, GNPC supplying oil to Tema Oil Refinery, and SEC targeting capital market linkage.