Ghana’s cocoa regulator will borrow up to $1.5 billion by September to finance 2024/25 cocoa purchases and compensate for low output, two COCOBOD sources with knowledge of the arrangement said on Sunday.
The world’s second-largest cocoa producer after neighbouring Ivory Coast uses an annual syndicated loan to finance bean purchases from farmers. It is usually agreed at the start of the season in September.
But this year’s $800 million loan faced delays due to low cocoa output so far this season.
COCOBOD has since withdrawn $600 million and cancelled the remainder as the season’s cocoa output is seen almost 40% below forecast – unable to guarantee the full loan.
Source:Mybrytfmonline.com/Reuters
