Gov't to take over $700 Million loan for Cocoa trees

By Sam Edem
Cocoa Trees in Ghana
Cocoa Trees in Ghana

There are indications that the government of Ghana through the COCOBOD will be taking a loan of over US$700 million for the cocoa industry.

This is based on an earlier report to Bloomberg News, that there are ongoing arrangements for a US$750 million loan which will be used to finance the replacement of nearly half of the cocoa trees currently in the country.

According to the information, the cocoa trees are said to be old, or diseased and consequently, turning very low output of the crop.

In a similar development, Ghana’s cocoa industry regulator – COCOBOD has disclosed that measures adopted to improve yields will not affect this season’s cocoa production target.