Ghana Cocoa Board has sold a record ¢11.7 billion ($2 billion) of six months cocoa bills between January and May 2021 to finance cocoa purchases.

The cocoa regulator normally borrows from abroad to fund cocoa beans purchases.

But indications are that the 2020/21 production has exceeded target, stretching the $1.3 billion syndicated loan that was raised at the beginning of the season in October 2020.

Head of Finance and Administration at Cocobod, Ray Ankrah told Bloomberg that it has increased bill sales to help refinance maturing obligations.

Farmers had harvested about 965,493 metric tons by June 3, 2021, compared with a target of 900,000 tons for the whole crop year that ends in September 2021.

All things being equal, the country may exceed the one million-ton mark, achieved in the 2010/2011 crop season.

Interest on bills fall as regulator expected to achieve bumper crop

Yields on the bills are falling, as traders speculate that the regulator will make more income from the bumper crop.

The ¢1.3 billion, 182-day securities issued at 17.65% on May 18, are currently trading at 15.65%.