Ghana Cocoa Board has begun processes to sign $1.5 billion syndication loan for next cocoa crop season 2021/2022 for the purchase of cocoa beans.

The loan is expected to be secured by next month.

Speaking at the Olam Managers Conference, Chief Executive of COCOBOD, Joseph Boahen Aidoo hinted that discussions have already begun with banks to get the process on course by the end of the current crop season.

He therefore promised that the 2021/2022 season promises to be brighter, hence the decision to begin earlier.

According to him, the last syndicated loan of $1.3 billion was not adequate due to the load of work on the production process.

"We have exceeded our production target for the year and the money we took as loan didn't take us anywhere”.

“Very soon, we will sign the syndication for the next crop season and I must say we have made arrangements to get the banks on board to chart this path" he said.

The COCOBOD CEO also used the opportunity to show appreciation to Olam for its support in ensuring that his outfit exceeded its one million tonnes production target. 

He applauded Olam for advancing payment to farmers ahead of the government funding.

He disclosed that as of last week, the country had produced a little over 1.1 million metric tonnes, describing it as historic since the beginning of cocoa farming in Ghana