Banks have come in strongly into the syndication for the annual Ghana Cocoa Board (Cocobod) pre-export finance (PXF) facility over the last couple of weeks – so much so that it has been oversubscribed by 75%.
The funds will pre-finance cocoa bean purchases for the 2013-2014 crop. Given the length of the crop cycle, the deal should be seen as a seven to nine month transaction – as opposed to a full year.
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