
<p><strong>Johannesburg, South Africa, 12 November 2019&nbsp;</strong>&#8211; The African Development Bank, Credit Suisse AG, the Industrial and Commercial Bank of China Limited and Ghana Cocoa Board (COCOBOD) signed a $600 million syndicated receivables-backed term loan on Tuesday, to boost cocoa productivity in Ghana &#8211; the world’s second-largest cocoa producer.</p>



<p>Ghanaian President&nbsp;Nana&nbsp;Addo&nbsp;Dankwa Akufo-Addo,&nbsp;the President of the African Development Bank Dr. Akinwumi A. Adesina, senior officials from Credit Suisse and ICBC, oversaw the signing of the facility, at a ceremony held on the second day of the 2019 Africa Investment Forum.</p>



<p>The multi-million dollar agreement is a milestone for the Bank-convened Africa Investment Forum, a transactional platform dedicated to transforming the continent’s investment and development agenda, which kicked off in Sandton City Johannesburg on Monday.</p>



<p>The COCOBOD transaction was launched at the&nbsp;Africa Investment Forum&nbsp;in 2018, and a year later, the signing is a demonstration of the Forum’s ability to raise much needed financing, including from international commercial financiers, for projects in Africa. Prior to the agreement, COCOBOD did not have access to long-term debt capital.</p>



<p>At a press conference following the signing, President&nbsp;Akufo-Addo said the agreement would help to ensure higher incomes for Ghana’s cocoa farmers.</p>



<p>“It was critical that we find a mechanism for scaling up the value chain for our farmers and that is where the Bank came in,” Akufo Addo said. “We see this agreement as a turning point and…to what is possible on this continent.”</p>



<p>The Bank,&nbsp;as Original DFI Lender and Initial Mandated Lead Arranger, is partnering with&nbsp;Credit Suisse as&nbsp;Original Commercial Lender, Global Commercial Coordinator, Co-</p>



<p>Mandated Lead Arranger. Credit Suisse is also acting as Joint Commercial Underwriter and Bookrunner&nbsp;to structure and fund a&nbsp;dual-tranche facility comprising a $250 million, 7-year DFI tranche with the Bank, as well as a $350 million, 5-year commercial tranche.</p>



<p>The Industrial and Commercial Bank of China Limited London Branch joined as an Original Commercial Lender, Co-Mandated Lead Arranger and Joint Commercial Underwriter and Bookrunner ahead of syndication.</p>



<p>Syndication of the facility is underway.</p>



<p>Making sure that Africa gets to the top of the value chain is one of the African Development’s Bank’s top priorities, President Adesina said, adding that Africa could become a global hub for cocoa and cocoa-based products.</p>



<p>“All cocoa producing countries will get similar support (from the Bank). Ghana is bankable, cocoa is bankable and of course Africa is bankable,” Adesina said.</p>



<p>COCOBOD will use the facility to raise cocoa yields per hectare and increase Ghana’s overall production. These include financial interventions to sustainably increase cocoa plant fertility, improving irrigation systems, rehabilitating aged and disease-infected farms. The funds will also help increase warehouse capacity and provide support to local cocoa-processing companies.</p>



<p>Signing&nbsp;for Credit Suisse,&nbsp;Madthav Patki&nbsp;said the “landmark” transaction would facilitate future long-term investment in the Ghanaian cocoa sector.</p>



<p>“This is a positive contribution to a key sector of Ghana’s economy. “It is a moment of tremendous pride…This is what the Africa Investment Forum is all about,” Patki said. He also commended the Bank’s signature expertise in financial instruments, that enabled them to leverage financing for the deal.</p>



<p>The Africa Investment Forum, an initiative of the African Development Bank is an innovative, multi-stakeholder transactional marketplace, dedicated to raising capital, advancing projects to bankable stage, and accelerating financial closure of deals.&nbsp;</p>



<p>Ghana’s cocoa sector employs some 800,000 rural families and produces crops worth about $2 billion in foreign exchange annually.&nbsp;COCOBOD&nbsp;is a fully state-owned company solely&nbsp;responsible for Ghana’s cocoa industry, controlling the purchase, marketing and export of all cocoa beans produced in the country.</p>


#AfricaInvestmentForum: Ghana’s COCOBOD signs historic $600 million cocoa deal

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<p>Railway networks have the power to connect the African continent and move goods and people all over. Ronnie Ntuli, Chairman of Thelo Group has signed an MoU with Afreximbank that would see them identify, invest and manage rail projects across the continent, bringing people and their wares together. He spoke to CNBC Africa&#8217;s Kopano Gumbi.</p>


Africa Investment Forum: Thelo Group

Africa Investment Forum: Thelo Group, Afreximbank partner to expand Africa’s rail network

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<p>Last year, Alitheia IDF announced an ambitious goal of raising $100 million for their women-focused private equity fund. This year, Tokunboh Ishmael, principal partner at Alitheia told the African Investment Forum that they had raised $72 million and counting. CNBC Africa&#8217;s Kopano Gumbi spoke with her on the back of the announcement.</p>


Africa Investment Forum: Tokunboh Ishmael on the need fund overlooked women entrepreneurs

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<p>Okezie Ikpeazu, Governor of Nigeria’s Abia State – one of the 36 States in the country – is at the Africa Investment Forum in Sandton to showcase some of the investment opportunities in the State.  He would like Abia State to become the manufacturing hub, not only for Nigeria, but for the Sub-Saharan region.</p>


Africa Investment Forum:  Abia State Governor Okezie Ikpeazu on leveraging Nigeria to attract investors

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<p>There have been frank discussions at the boardroom sessions at the Africa Investment Forum – Kola Karim, Group Managing Director and CEO of Shoreline Energy International told CNBC Africa’s Kenneth Igbomor. They also spoke about opportunities in the oil and gas sector.</p>


Africa Investment Forum: Shoreline CEO Kola Karim outlines opportunities in Africa’s oil & gas sector

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<p>One of the big topics at the Africa Investment Forum is the African Continental Free Trade Agreement.</p>


Africa Investment Forum: Moloi-Motsepe on what the free-trade agreement means for Africa’s fashion industry

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<p>The Africa Investment Forum held in Sandton this week is attracting not only regulators, financiers and big business, but also start-ups. One of these start-ups is Hello Tractor from Nigeria, which is currently operating in 11 African markets. Jehiel Oliver, CEO of Hello Tractor spoke to CNBC Africa’s Kenneth Igbomor.</p>


Africa Investment Forum: Hello Tractor CEO Jehiel Oliver on unlocking opportunities for African farmers

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<p>Gateway Partners has a fund of around $800 million and a number of investments in Africa. Vis Shankar, CEO of Gateway Partners spoke to CNBC Africa’s Chris Bishop about his experience of the Africa Investment Forum, now in its second day of deal-making, and the gap between perceptions about investing in the continent and reality on the ground.</p>


Africa Investment Forum: Gateway Partners CEO Vis Shankar investment opportunities on the continent

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<p>The Africa Investment Forum has been a great place to talk to traditional lenders about being more flexible in the way risk is underwritten in Africa and about being more patient in expectation of returns. Farid Fezoua, CEO, GE Africa told  CNBC Africa’s Kenneth Igbomor that African business needs solutions like blended finance too meet the needs of not only big projects, but also mid-market projects involving SMMEs.</p>


Africa Investment Forum: GE Africa on creating sustainable

Africa Investment Forum: GE Africa on creating sustainable, innovative access to power on the continent

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<p>Speaking to the Governor of Ekiti State in Nigeria and Chairman of the Nigeria’s Governors Forum, Dr Kayode Fayemi, CNBC Africa’s Kenneth Igbomor explored details such as the pipeline of deals coming from Nigeria to the Africa Investment Forum this year, the boardroom conversations that have taken place, the need for an enabling business environment for investors, and accessing development finance capital.</p>


Africa Investment Forum: Ekiti State Governor Fayemi on creating an enabling environment for investment

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<p>Nigeria is positioned to maximise the benefits of the Africa Investment Forum. This is according to Folarin Alayande, Senior Special Assistant to the President of Nigeria. He spoke to CNBC Africa’s Kenneth Igbomor about the five projects Nigeria brought to the AIF last year, and the speed dating for deals as countries vie for their share of the $67 billion worth of deals on this year’s platform.</p>


Africa Investment Forum: Folarin Alayande discusses projects in the pipelines for Nigeria

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<p>The Ghana Cocoa Board has signed a historic $600 million deal at the Africa Investment Forum. At present, with Africa accounting for only 2 per cent of a $120 billion annual global chocolate market, a boost like this could help Ghana take up a larger share of the cocoa value chain. The Chairman of the Ghana Cocoa Board, Hackman Owusu-Agyemang, spoke to CNBC Africa’s Kopano Gumbi.</p>


Africa Investment Forum: Hackman Owusu-Agyemang on what the $600mn cocoa deal means for farmers

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<p>The second edition of the Africa Investment Forum, underway in Sandton this week, is looking at bigger targets for the African Development Bank. This panel examines the role of family businesses as creators of wealth and major employers with significant contributions to GDP growth in developed and developing countries&#8230;.</p>


Africa Investment Forum: Family Businesses: Driving new Investments

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<p>Gauteng Province is pleased to be hosting the second Africa Investment Forum, as it is a real deal-making platform, rather than a talk-shop. Special Advisor to the Premier of Gauteng, Mduduzi Mbada, spoke to CNBC Africa’s Kenneth Igbomor and Kopano Gumbi earlier about the deals that have changed the game for the Province, and the new projects that they want to bring to bankability.</p>


Africa Investment Forum: Mduduzi Mbada on how Gauteng is positioning itself to benefit from the forum

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<p><strong>The second edition of the Africa Investment Forum, underway in Sandton this week, is looking at bigger targets for the African Development Bank. CNBC Africa’s Kenneth Igbomor spoke to </strong><strong>Khaled Sherif, VP Regional Development, Integration &amp; Business Delivery, AfDB </strong><strong>about the role of the AIF in promoting investment in projects across the African continent. </strong></p>


Africa Investment Forum: All On CEO Boer speaks on the role of the forum in spearheading investment projects across the continent

Africa Investment Forum: AfDB’s Sherif speaks on the role of the forum in spearheading investment projects across the continent

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<p>The second edition of the Africa Investment Forum, underway in Sandton this week, is looking at bigger targets for the African Development Bank. Tune in for the day one highlights&#8230;.</p>


Africa Investment Forum: Day one highlights

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<p>The goal of the Africa Investment Forum is to “tilt investment into Africa”. This must happen in tandem with a reshaping of the continent&#8217;s narrative and perceptions. Strategic choices will determine perceptions and narratives around the African brand and the extent to which investment capital flows into the region. Tune in as panel of experts share their solutions&#8230;.</p>


Africa Investment Forum

#AfricaInvestmentForum: Ghana’s COCOBOD signs historic $600 million cocoa deal

Africa Investment Forum: Thelo Group, Afreximbank partner to expand Africa’s rail network

Africa Investment Forum: Tokunboh Ishmael on the need fund overlooked women entrepreneurs

Africa Investment Forum: Abia State Governor Okezie Ikpeazu on leveraging Nigeria to attract investors

Africa Investment Forum: Shoreline CEO Kola Karim outlines opportunities in Africa’s oil & gas sector

Africa Investment Forum: Moloi-Motsepe on what the free-trade agreement means for Africa’s fashion industry

Africa Investment Forum: Hello Tractor CEO Jehiel Oliver on unlocking opportunities for African farmers

Africa Investment Forum: Gateway Partners CEO Vis Shankar investment opportunities on the continent

Africa Investment Forum: GE Africa on creating sustainable, innovative access to power on the continent

Africa Investment Forum: Ekiti State Governor Fayemi on creating an enabling environment for investment

Africa Investment Forum: Folarin Alayande discusses projects in the pipelines for Nigeria

Africa Investment Forum: Hackman Owusu-Agyemang on what the $600mn cocoa deal means for farmers

Africa Investment Forum: Family Businesses: Driving new Investments

Africa Investment Forum: Mduduzi Mbada on how Gauteng is positioning itself to benefit from the forum

Africa Investment Forum: AfDB’s Sherif speaks on the role of the forum in spearheading investment projects across the continent

Africa Investment Forum: Day one highlights

Africa Investment Forum: Reshaping Africa’s narrative: Branding for success

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Africa Investment Forum

#AfricaInvestmentForum: Ghana’s COCOBOD signs historic $600 million cocoa deal

Africa Investment Forum: Thelo Group, Afreximbank partner to expand Africa’s rail network

Africa Investment Forum: Tokunboh Ishmael on the need fund overlooked women entrepreneurs

Africa Investment Forum: Abia State Governor Okezie Ikpeazu on leveraging Nigeria to attract investors

Africa Investment Forum: Shoreline CEO Kola Karim outlines opportunities in Africa’s oil & gas sector

Africa Investment Forum: Moloi-Motsepe on what the free-trade agreement means for Africa’s fashion industry

Africa Investment Forum: Hello Tractor CEO Jehiel Oliver on unlocking opportunities for African farmers

Africa Investment Forum: Gateway Partners CEO Vis Shankar investment opportunities on the continent

Africa Investment Forum: GE Africa on creating sustainable, innovative access to power on the continent

Africa Investment Forum: Ekiti State Governor Fayemi on creating an enabling environment for investment

Africa Investment Forum: Folarin Alayande discusses projects in the pipelines for Nigeria

Africa Investment Forum: Hackman Owusu-Agyemang on what the $600mn cocoa deal means for farmers

Africa Investment Forum: Family Businesses: Driving new Investments

Africa Investment Forum: Mduduzi Mbada on how Gauteng is positioning itself to benefit from the forum

Africa Investment Forum: AfDB’s Sherif speaks on the role of the forum in spearheading investment projects across the continent

Africa Investment Forum: Day one highlights

Africa Investment Forum: Reshaping Africa’s narrative: Branding for success

News Tips

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