Absa, IFC announce $50m facility for cocoa buyers
Absa Bank Ghana Limited and the International Finance Corporation (IFC) have announced a US$50 million unfunded risk participation facility to expand financing for Licensed Buying Companies (LBCs) purchasing traceable cocoa from farmers across the country.
The facility will enable Absa Bank Ghana Limited to provide financing to selected LBCs during the cocoa-buying season, helping to sustain reliable market access for more than 139,000 smallholder farmers whose livelihoods depend on the sector.
Supported by the Private Sector Window of the Global Agriculture and Food Security Program, the facility will finance the purchase of traceable cocoa from farmers across Ghana.
It will also support more sustainable farming practices aligned with the Paris Agreement on climate change.
The partnership was announced at a ceremonial signing held at the World Bank office in Accra on September 16, 2026.
Commenting on the partnership, the Managing Director of Absa Bank Ghana Limited, Mr Edward Nartey Botchway, said the cocoa sector supported thousands of farming households and remained an important pillar of the country’s export economy.
“Ghana’s cocoa sector supports thousands of farming households and anchors our export economy. Through this partnership with IFC, we are financing Licensed Buying Companies to purchase traceable cocoa across the buying season and protecting reliable market access for farmers.
“At Absa Bank Ghana, we believe in using our expertise and capital to support the people who feed our economy and build a cocoa value chain that is productive, sustainable and resilient,” he said.
The partnership is expected to deepen Absa Bank Ghana Limited’s support for the cocoa sector by strengthening its capacity to finance LBCs that purchase cocoa from farmers and connect production to the market.
It will also combine Absa Bank Ghana Limited’s local market knowledge and financing capacity with IFC’s development finance expertise to increase funding for the cocoa value chain.
The initiative is expected to support livelihoods, export earnings and economic activity in cocoa-growing communities across the country.
BY TIMES REPORTER
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