Ghana Locked in Talks to Borrow $500 Million From Cocoa Traders
- Cocobod seeks temporary funding as talks with lenders continue
- Banks skeptical of crop harvest in season that starts October
A farmer arranges cocoa beans to dry at a farm in Ghana in 2023.
Photographer: Paul Ninson/BloombergThis article is for subscribers only.
Ghana is talking with cocoa traders to borrow $500 million to finance industry operations, as it faces delays in concluding an annual syndicated loan from its usual lenders amid uncertainty over crop output.
Industry regulator Ghana Cocoa Board is negotiating with bean traders including Olam Group Ltd. and Barrry Callebaut AG to raise at least a third of the $1.5 billion it wants to borrow, according to people familiar with the matter.