2021 cocoa harvest projected to hit record 1 million-ton mark - Report

•Ghana is likely to reach a record 1 million-ton mark for cocoa harvest by the end of the 2021 cocoa season

•Already cocoa farmers in Ghana have so far harvested 965,493 metric tons as of June 3, 2021

•COCOBOD further plans to raise US$1.5 billion through syndicated loans

Market analysts have predicted Ghana is likely to reach a record 1 million-ton mark for cocoa harvest by the end of the 2021 cocoa season, Bloomberg has reported.

The development comes after the Head of Finance and Administration at Ghana COCOBOD, Ray Ankrah revealed cocoa farmers in Ghana have so far harvested 965,493 metric tons as of June 3, 2021 compared with a target of 900,000 tons for the whole crop year that ends in September 2021.

Should the prediction come to fruition, market analysts believe it would be significant given that the last time such a feat was achieved was back in the 2010-11 cocoa crop year.

Additionally, Ghana’s cocoa regulator said it has exceeded its 2020-21 cocoa production target and subsequently stretched the US$1.3 billion syndicated loan that was earlier raised at the beginning of the season in October 2020.

It has also raised GH¢11.7 billion (US$2 billion) in cocoa produce bills between January and May 2021 and also increased bill sales in order to help refinance maturing obligations.

COCOBOD further plans to raise US$1.5 billion through syndicated loans for the upcoming crop season in October 2021.

Meanwhile, yields on the bills have begun to fall as traders speculate that the regulator will make more income from the bumper cash crop.