COCOBOD will borrow up to $1.5 billion for 2024-25 cocoa purchases, sources say

Ghana's cocoa regulator, COCOBOD, plans to borrow up to $1.5 billion by September to finance the 2024/25 cocoa purchases due to low output this season, according to two sources.

This follows an $800 million loan that faced delays and was partially withdrawn due to a nearly 40% decrease in cocoa output. Production is expected to recover to 810,000 metric tons next season.

Ghana's cocoa production has been hindered by adverse weather, disease, and smuggling, leading to significant losses.

Despite these challenges, COCOBOD remains confident in meeting next season's targets as conditions improve.