London—Dentons has advised the Ghana Cocoa Board (COCOBOD) on a $600 million syndicated receivables-backed loan. COCOBOD holds a central role in Ghana's cocoa industry, including in the purchase, marketing and export of the country's cocoa production. The deal was signed on 12 November at the Africa Investment Forum in Johannesburg, in the presence of the President of Ghana, Nana Addo Dankwa Akufo-Addo, and the President of the African Development Bank, Dr. Akinwumi Adesina.

The loan will enable COCOBOD to finance various productivity enhancement programmes in Ghana, the world's second largest cocoa producer.

In delivering this facility, the African Development Bank, London branches of Credit Suisse AG and the Industrial and Commercial Bank of China Limited acted as the mandated lead arrangers. Prior to this agreement, COCOBOD did not have access to longer-term international debt finance.

Howard Barrie, partner in Dentons' Banking and Finance team, said, "Dentons has advised on many of COCOBOD's financings over the years. We are pleased to have supported COCOBOD in securing this loan, which will facilitate Ghana upscaling its cocoa production with the aim of boosting farmers' incomes and adding value to Ghana's cocoa beans."

Partner Howard Barrie, consultant Mary Boakye and senior associate Ian Clements advised on English law elements, with Elizabeth Fugar of Bentsi-Enchill, Letsa & Ankomah advising on Ghanaian law. 

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