SG CIB was appointed as initial co-arranger and bookrunner of $2,000 M in export pre-financing for a one-year period on behalf of Ghana Cocoa Board.

This State-run institution, existing in Ghana since 1947, purchases and exports locally produced cacao and promotes its local production. Agriculture – particularly cacao farming – is Ghana’s main economic activity. This facility will be used to purchase the 2011-2012 harvest’s cacao beans and will thus directly and indirectly benefit two million individuals in Ghana.

The syndication of this operation was completed in early September 2011 and was underwritten beyond the $1,750 M initially requested by the client. This is the largest syndicated structured financing raised in 2011 in the field of agricultural commodities excluding fertilizers.