{"id":10158,"date":"2024-05-27T12:39:37","date_gmt":"2024-05-27T12:39:37","guid":{"rendered":"https:\/\/sotnews.agency\/?p=10158"},"modified":"2024-05-27T13:05:47","modified_gmt":"2024-05-27T13:05:47","slug":"cocobod-to-borrow-up-to-1-5bn-for-2024-25-cocoa-purchases","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=10158","title":{"rendered":"COCOBOD to borrow up to $1.5bn for 2024-25 cocoa purchases"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 4 Second <\/div>\n\n <\/div>

Ghana\u2019s cocoa regulator will borrow up to $1.5 billion by September to finance 2024\/25 cocoa purchases and compensate for low output, two COCOBOD sources with knowledge of the arrangement said on Sunday.<\/p>\n

The world\u2019s 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.<\/p>\n

But this year\u2019s $800 million loan faced delays due to low cocoa output so far this season.<\/p>\n

COCOBOD has since withdrawn $600 million and cancelled the remainder as the season\u2019s cocoa output is seen almost 40% below forecast \u2013 unable to guarantee the full loan.<\/p>\n

\u201cA request for proposal sent to banks indicates COCOBOD will borrow up to $1.5 billion next season. It is understood the banks are sizing it and together (with COCOBOD), they will decide an optimal amount,\u201d said one COCOBOD source.<\/p>\n

A second COCOBOD source said they were confident the syndication would go through.<\/p>\n

At least one international bank has been to Ghana to inspect cocoa farms before deciding on the offer, while another is scheduled to visit next month, the same source said.<\/p>\n

Production is expected to recover to 810,000 metric tons next season, the sources said, asking not to be named because they have not been allowed to speak to media.<\/p>\n

COCOBOD did not respond to a request for comment.<\/p>\n

Ghana\u2019s cocoa production has been affected by adverse weather, disease and cocoa smuggling. It is expected to be almost 40% below target in the 2023\/24 season, according to COCOBOD.<\/p>\n

The sector regulator said it lost about 150,000 tons of cocoa beans to smuggling and illegal gold mining known locally as galamsey in the 2022\/23 season.<\/p>\n

It expects even greater losses this season as a global rise in cocoa prices is an incentive for more smuggling.<\/p>\n

Swollen shoot virus wiped out around 590,000 hectares of farmland between 2018 and 2024, according to COCOBOD.<\/p>\n

One source said they were confident Ghana would still meet next season\u2019s target of 810,000 tons as the weather is expected to improve, and rehabilitated cocoa farms will boost output.<\/p>\n

Ghana\u2019s cocoa export revenue fell nearly 50% year-on-year in the first four months of the year, central bank data showed this week.<\/p>\n

The post COCOBOD to borrow up to $1.5bn for 2024-25 cocoa purchases<\/a> appeared first on Citinewsroom – Comprehensive News in Ghana<\/a>.<\/p>

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Ghana\u2019s cocoa regulator will borrow up to $1.5 billion by September to finance 2024\/25 cocoa purchases and compensate for low output, two COCOBOD sources with knowledge of the arrangement said… <\/p>\n","protected":false},"author":1,"featured_media":10191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-10158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/10158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10158"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/10158\/revisions"}],"predecessor-version":[{"id":10192,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/10158\/revisions\/10192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/10191"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}