ghana cocoa output to rise

GHANA EXPECTS 5.8% INCREASE IN COCOA OUTPUT

A parliamentary report published by Cocoa Board (COCOBOD) discloses that Ghana expects cocoa output of about 900,000 tonnes in the 2020/2021 season, up 5.8% from the forecast for 2019/2020.

Ghana is the world’s second-biggest cocoa producer. Its growing season runs from October to September.

The report also said the COCOBOD planned to raise $1.3 billion in syndicated loans to fund cocoa purchases during 2020/21 from a consortium of banks and financial institutions, with the government as a guarantor.

The loan will carry annual interest of one-month Libor plus 1.75%, a commitment fee of 0.62% per year and an upfront flat fee of 1.25%.

To improve the methods of forecasting cocoa output in Ghana, the initial analysis suggested that a time series model could be used to predict Ghana’s cocoa output.

The model is dependent on past trends to predict the future and unable to determine the factors responsible for the variation in the previous trends. Identifying and including these factors may reduce forecast deviations.

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