The Ghana Cocoa Board (COCOBOD) says it is optimistic it will achieve its targeted output for the 2015/2016 crop season with almost five months to the end of the crop season.
COCOBOD at the beginning of the 2015/2016 crop season set a target of 850,000 metric tonnes.
This was up from the 800,000 metric tonnes it set the previous year.
A combination of factors including the unfavourable weather condition led to the country missing its target for the 2014/2015 crop season after COCOBOD revised its initial target of 900000 metric tonnes.
Though the harmattan condition at the beginning of this year also impacted on farming activities, the Public Affairs Manager of the Ghana COCOBOD, Noah Amenyah explains to Citi Business News that will not affect output of cocoa.
“If you compare what the production level is this year to last year, we are doing well in spite of the fact that the weather was very severe and the harmattan was very long. So we are on course to achieving our target for 2015/2016 crop season we set ourselves 850000 metric tonnes,” he stated.
Statistics released by the Ghana COCOBOD from the 2000/2001 crop season till present, revealed that the country’s highest output was 1,024,552 metric tonnes which was recorded in the 2010/2011 crop season.
The crop yield has since been reducing to the current yield of 740,254.06 metric tonnes in the 2014/2015 crop season.
COCOBOD prepares for another syndicated loan
Meanwhile the Ghana COCOBOD has told Citi Business News it has commenced processes to apply for another syndicated loan in September this year.
According to the company, its creditors are satisfied with the progress made so far with the production levels and commitment to repay the current loan it owes.
“We are preparing for the next one, the banks have been here they have visited the cocoa farms and they’ve seen what we are doing and they are very satisfied, they’ve seen our production and have also been to the warehouses. They know COCOBOD very well and they have the confidence that we will finish paying this and continue with the other,” he observed.
COCOBOD in October last year concluded an agreement to secure a 1.8 billion dollar cocoa syndicated loan from a consortium of banks.
The proceeds were used to purchase cocoa beans for the 2015/2016 crop season.
Public Affairs Manager for COCOBOD, Noah Amenyah tells Citi Business News he is optimistic the company will qualify for another facility in September.
“Since February that we started payment, we haven’t defaulted, we will finish payment by the end of August, because the next syndication arrangement will be in September.”
By: Pius Amihere Eduku/citibusinessnews.com/Ghana