The Ghana Cocoa Board (COCOBOD) has reported an impressive 97 percent participation rate in its Debt Exchange Programme, with bills totaling over GH¢7 billion being tendered. This outcome was achieved at the conclusion of the program on Friday, August 25, 2023.
In July of the same year, COCOBOD initiated its Cocoa Bills Exchange Programme with the aim of restructuring debts amounting to nearly ¢8 billion.
It’s worth noting that COCOBOD has rescheduled settlements to take place on September 4, 2023, instead of the originally planned date of Thursday, August 31, 2023.
“We refer to the debt securities exchange programme launched by the Ghana Cocoa Board (“COCOBOD”) on 14th July 2023 (the Exchange Programme). COCOBOD announces today the results of the Cocoa Bills exchange programme which closed at 4:00 p.m. on 25th August 2023” a statement from CAL Bank said.
“Approximately 97.38% of eligible holdings tendered their Eligible Bills in the Invitation to Exchange as determined by the Central Securities Depository (“CSD”)”, it added.
The statement clarifies that any capitalized terms used in this document without specific definitions should be interpreted according to their meanings as provided in the Exchange.
COCOBOD expressed satisfaction with the outcomes, noting that a significant majority of the Eligible Holdings had participated in the tender process.
“To provide sufficient time to settle the New Cocoa Bonds in an efficient manner, COCOBOD is extending the Settlement Date of the exchange from the previously announced 1st September 2023 to 4th September 2023”.
The issuance date, interest accrual schedules, and payment schedules for the New Cocoa Bonds will be adapted to align with the actual Settlement Date.
With the exception of the provisions in this paragraph, the terms and conditions outlined in the Invitation to Exchange remain unchanged and unaltered. Given that the Invitation Period has concluded, COCOBOD will not entertain new submissions except at its sole discretion, and revocations or withdrawals are not permitted.