ACCRA: Ghana’s cocoa regulator will borrow up to US$1.5bil by September to finance 2024 and 2025 cocoa purchases and compensate for low output, two Ghana Cocoa Board (GCB) sources with knowledge of the arrangement say.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 US$800mil loan faced delays due to low cocoa output so far this season.
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