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Ghana expects 5.8% increase in cocoa output in 2020/2021

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.

Also read: Ivory Coast 2019/20 cocoa arrivals reached 2.004 mln t by July 31 – CCC data

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%.

Source: Reuters

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