The Ghana Cocoa Board (COCOBOD) has fully repaid its USD 800 million receivables-backed trade finance facility, bringing the agreement to a formal close, according to a discharge letter issued by Standard Chartered Bank.

In a confidential notice dated 13 September 2024, Standard Chartered Bank, acting as the Facility Agent, confirmed that the trade finance facility—entered into on 12 December 2023 for the purchase of cocoa in Ghana—was terminated on 30 August 2024 following full repayment.

The bank stated that all outstanding amounts under the Facility Agreement and related documents have been paid in full, leading to the expiration of the Security Period attached to the facility.

Standard Chartered further confirmed that all fees associated with the agreement have been settled and that no additional payments remain outstanding.

As a result, all unserviced 2023/2024 cocoa contracts previously assigned to the Facility Agent have now been released back to Cocoa Marketing Company (Ghana) Limited, restoring full control of the contracts to the COCOBOD subsidiary.

The discharge marks a significant milestone in Ghana’s cocoa financing arrangements, reflecting the successful completion of one of the country’s major short-term trade finance facilities used to support cocoa purchases during the 2023/2024 season.

The confirmation letter was signed by Valdeep Singh, Director of the Transaction Management Group at Standard Chartered Bank, in his capacity as Facility Agent.