Ghana raises $1.1bn for new season cocoa purchases

Ghana Cocoa Board

GHANA, the world’s second-largest cocoa producer, has raised 1.1 billion U.S. dollars in a syndicated financial facility for cocoa purchases in the 2022/2023 cocoa season.

In a statement, the Ghana Cocoa Board (COCOBOD), the country’s cocoa industry regulator, said the financing would assist it in meeting its financing needs for the 2022/2023 cocoa crop and other cocoa-related operations.

The syndicating financial institutions include Rabobank, Industrial and Commercial Bank of China, Standard Chartered Bank, and some others, the statement said.

The world’s second-largest producer of cocoa beans, provides about 20 per cent of the global cocoa supply.

The product is the West African country’s second-largest export revenue generator, after gold.

It is also one of the largest employment generating sectors, with around 800,000 families whose livelihoods depend on the cash crop.  (Xinhua/NAN)