The sports category has moved to a new website.

Ghana secured $200m for early cocoa payments

People work with cocoa beans in Enchi, in a file photo. Picture taken June 17, 2014.  REUTERS/Thierry Gouegnon
  • Ghana Cocoa Board received $200 million in early payments from this year's light crop season.
  • This is coming at a time when the regulator needs GHC1.1 billion ($204 million) to meet commitments for the year through September.
  • It’s also putting measures in place to borrow $300 million from lenders.

Ghana’s cocoa regulator, Ghana Cocoa Board secured $200 million in early payments for deliveries from this year’s light crop season.

According to Bloomberg, some two people who are familiar with the matter but wish to remain anonymous made this known. The two want to remain anonymous because they have not been authorised to speak on the matter.

Ghana has two annual cocoa harvest seasons. The light-crop harvest begins in June and is usually reserved for local processors.

It is common practice for the Ghana Cocoa Board to ask buyers to prepay for their contracts for the smaller of the two annual harvests.

ADVERTISEMENT

However, the cocoa regulator did not make a similar request in 2018. 

Meanwhile, the Ghana Cocoa Board is forecasting a harvest of at least 80,000 metric tons.

The request for early payments is coming at a time when the regulator is shoring up its finances and needs GHC1.1 billion ($204 million) to meet commitments for the year through September.

It’s also putting measures in place to borrow $300 million from lenders after recording a shortfall of GHC2 billion in the previous annual harvest.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

10 African countries with the strongest military power in 2024

10 African countries with the strongest military power in 2024

ADVERTISEMENT