Bank of Ghana Governor, Dr. Johnson Asiama, has revealed that COCOBOD is expecting over $4 billion in inflows before the end of this year.<\/p>\n
He explained that the funds are part of a new financing arrangement introduced by COCOBOD to support cocoa purchases for the new crop season.<\/p>\n
Speaking in an exclusive interview with Joy Business\u2019 George Wiafe, Dr. Asiama said the inflows should boost the Bank of Ghana\u2019s reserves and strengthen its ability to support the local currency in the coming weeks.<\/p>\n
According to him, this development will also signal to the market that the central bank is well-positioned to intervene when needed to meet the demands of businesses and commercial banks.<\/p>\n
The Bank\u2019s Economic and Financial Data released in July put Ghana\u2019s international reserves at $11.1 billion.<\/p>\n
In 2023, COCOBOD introduced a new funding model for cocoa bean purchases, requiring global traders to deposit at least 60% of the value of their forward contracts at the start of the season.<\/p>\n
The system replaces a three-decade-old pre-export syndicated loan from international banks.<\/p>\n
Part of the traders\u2019 deposits will be used to finance purchases from farmers through an existing partnership with licensed cocoa buying companies (LBCs).<\/p>\n
In this arrangement, traders fund LBCs to buy cocoa while COCOBOD acts as an intermediary.<\/p>\n
Dr. Asiama maintained that the development indicates a favourable outlook for the Ghana cedi, despite recent pressures. \u201cAs regulator, we have taken the needed actions to ensure that things do not get out of hand,\u201d he assured.<\/p>\n
He argued that the macroeconomic situation remains solid and should give businesses confidence in the cedi\u2019s outlook as well as in ongoing measures to improve market liquidity.<\/p>\n
\u201cOur net international reserves have not run out, and all the indicators point to a favourable outlook. We currently have it,\u201d he stressed.<\/p>\n
The Governor also assured that through \u201cdiscipline, transparency and firm regulation,\u201d the central bank will build a market where the cedi can trade freely but predictably, anchored in confidence.<\/p>\n
However, he warned that those exploiting loopholes\u2014whether offshoring, fueling the black market, or filing fake import forms\u2014will face sanctions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bank of Ghana Governor, Dr. Johnson Asiama, has revealed that COCOBOD is expecting over $4 billion in inflows before the end of this year. He explained that the funds are part of a new financing arrangement introduced by COCOBOD to support cocoa purchases for the new crop season. Speaking in an exclusive interview with Joy […]<\/p>\n","protected":false},"author":123457,"featured_media":12920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[9,3525,41,3507],"tags":[2121,1508],"class_list":["post-12919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-general-news","category-national","tag-bank-of-ghana-2","tag-cocobod"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/123457"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12919"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12919\/revisions"}],"predecessor-version":[{"id":12921,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12919\/revisions\/12921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/12920"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}