Ghana expects cocoa output of around 900,000 tonnes in the 2020/2021 season, up 5.8% from the forecast for 2019/2020, the country’s Cocoa Board (COCOBOD) said, according to a parliamentary report published on Wednesday.
Ghana is the world’s second-biggest cocoa producer. Its growing season runs from October to September.
The report also said the COCOBOD planned to raise US$1.3B in syndicated loans to fund cocoa purchases during 2020/21 from a consortium of banks and financial institutions, with the government as guarantor.
The loan will carry annual interest of one-month Libor plus 1.75%, a commitment fee of 0.62% per year and an upfront flat fee of 1.25%.