COCOBOD, is reported to have raised some Ghs 11.7 billion from the issuance of short-term securities with a maturity date of six-months this year.
The bills issued, per reports, was to make up for the purchase of extra cocoa beans produced for the 2020/2021 crop season.
Speaking to Bloomberg, Head of Finance and Administration at COCOBOD, Ray Ankrah said harvested cocoa beans as of June 3, 2021, was about 965,493 metric tons, some 65,493 metric tonnes more when compared with a target of 900,000 tons for the whole crop year that ends in September 2021.
Hence, the need to issue short-term securities to finance the cocoa purchases as well as maturing debt obligations.
Read: Ghana’s inflation rate to remain within target in the short-term – Standard Bank
Usually, COCOBOD borrows some $1.3 billion syndicated loan from foreign banks to fund cocoa beans purchases every year.
Presently, yields on the bills are falling, as traders speculate that the regulator will make more income from the bumper crop.
The Ghs 1.3 billion, 182 day securities issued at 17.65 percent on May 18, are currently trading at 15.65 percent.
