Ghana expects cocoa output of around 900,000 tonnes in the 2020-21 season, up 5.8% from the forecast for 2019-20, 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 $1.3bn 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%.