Societe Generale Ghana Plc will promote sustainable production and expand access to financing in Ghana’s cocoa industry.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The International Finance Corporation (IFC) has announced a partnership with Societe Generale Ghana Plc, a leading Ghanaian bank, to increase access to finance in Ghana’s cocoa sector, support sustainable production, and improve market access for tens of thousands of smallholder farmers.

Under the partnership, IFC will provide a local currency loan of up to $40 million equivalent through an unfunded risk-sharing facility to Societe Generale (SG) Ghana.

The facility is expected to support up to $80 million equivalent in financing to enable licensed buying companies (LBCs) to purchase cocoa beans directly from smallholder farmers.

Source: newsthemegh.com