Cocoa bills

27 Jan

Commercial Banks Should Not Be Faulted For Selling Cocoa Bills – Alhassan Andani

wontumionlineBusinessAlhassan Andani, Cocoa bills

Former President of the Ghana Association of Banks, Alhassan Andani, says commercial banks should not be faulted for selling cocoa bills to customers. According to him, the cocoa bills were one of the safest bond instruments on the market and thus a preferred choice for customers who wanted very low risk bonds to buy. He explained that what made the cocoa bills particularly enticing was the fact that COCOBOD the issuer has a better credit risk than the government of Ghana, making it a very credible institution. “First of all, let’s not miss it. What is the credit rating of…

24 Jan

Cocoa Bills Default: Bog, COCOBOD Agree To Allow Banks To Use COCOBOD’s Deposits To Pay Retail Customers

wontumionlineBusinessBanks, BoG, Cocoa bills, COCOBOD

The Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks have agreed to allow banks to use COCOBOD’s deposits/placements at the banks to cater for retail customers who may not want a rollover of their cocoa bills. This is coming after the BoG initially directed banks not to pay customers their maturing cocoa bills investments, following cash flow challenges facing COCOBOD. In a statement, the Central Bank said it expects that this short-term cash flow challenges facing COCOBOD will be resolved soon to enable the cocoa regulator meet its obligations to investors. “COCOBOD has assured us that the…