Ghana cocoa regulator seeks $1.5b loan

Ghana’s cocoa regulator plans to borrow up to $1.5 billion by September to finance cocoa purchases for the 2024/25 season, Reuters reported on Sunday.

Delays in securing an $800 million loan due to low cocoa output prompted COCOBOD to withdraw $600 million and cancel the rest.

The syndication is expected to proceed, with banks assessing the situation. Production for the upcoming season is projected to reach 810,000 metric tons, despite challenges such as adverse weather, disease, and smuggling.

Ghana’s cocoa export revenue has dropped nearly 50 per cent year on year (YoY) in the first four months of this year (Q1), reflecting ongoing challenges in the sector.