Ghana's parliament has approved a $800 million loan facility for COCOBOD to finance cocoa purchases in the 2023/24 season. The receivables-backed trade finance facility involves a Consortium of banks and financial institutions, with the government of Ghana as the guarantor. The loan will fund the purchase of approximately 47 percent of the projected 850,000 tonnes of cocoa beans for the season, with disbursements scheduled between November 2023 and February 2024. Additionally, Ghanaian lawmakers granted a $4 million waiver to enable COCOBOD to utilize the full loan amount for cocoa-related activities, signaling smooth operations for the cocoa sector.
In Cameroon, cocoa prices have reached a new high at $3.34, marking the seventh increase in three months. This continuous rise suggests a promising 2023-2024 season for producer earnings but also indicates competition between exporters and local processors for bean control due to limited quantities.