Ghana raises US$1.1 billion for new season cocoa purchases

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A Ghanaian cocoa farmer dries cocoa beans under the sunshine on a plantation in Eastern Region, Ghana, on May 11, 2021.(Xinhua/Seth)
A Ghanaian cocoa farmer dries cocoa beans under the sunshine on a plantation in Eastern Region, Ghana, on May 11, 2021.(Xinhua/Seth)

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.

The statement issued by the Ghana Cocoa Board (COCOBOD), the regulator of Ghana’s cocoa industry, late Monday said the financing will assist COCOBOD in meeting its financing needs for the 2022/2023 cocoa crop and other cocoa-related operations.

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

Ghana is the world’s second-largest producer of cocoa beans, providing about 20 percent of the world’s cocoa supply. Cocoa 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. Enditem

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