Ghana’s Cocoa Purchases Reach 870,000 tonnes as Season Closes

(nasdaq.com) – Cocoa purchases declared to Ghana’s Cocobod reached 870,000 tonnes in the 2017-18 crop year which ends on Thursday, more than the regulator had projected but lower than the previous year, three industry sources said.

Purchases in the world’s second largest cocoa exporter after Ivory Coast had been forecast at 850,000 tonnes in the period.

“This season has turned out to be better than anticipated with the purchases hitting 870,000 (tonnes),” one of the sources said.

Cocobod closed the season on Thursday but will allow buyers to mop up their purchases from the field until Sept. 18, Cocobod officials told Reuters.

Ghana will sign an annual syndicated loan of $1.3 billion from international lenders in Amsterdam next week to finance 2018-19 crop purchases, which will begin next month.