Ghana's Cocoa Board (COCOBOD) plans to self-finance the 2024/25 cocoa crop season to save $150 million.
Ghana's Cocoa Board (COCOBOD) announced it will shift towards self-financing for the 2024/25 cocoa crop season, aiming to reduce dependency on external funds. The decision to transition from relying on offshore borrowing to self-financing through its cocoa syndication program aims to save an estimated US$150 million. COCOBOD CEO, Joseph Boahen Aidoo, highlighted the expected benefits of the new approach, stating that "We are looking for $1.5 billion this crop season, and looking at the interest rates last year, which were over 8 percent, plus the cost, it means that we can save more than $150 million by the decision not to go offshore."
August 20, 2024
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