Ghana COCOBOD signs US$1.5 billion syndicated finance facility for 2021/2022 cocoa season

GHANA – World’s second largest cocoa producing country, Ghana, is set to receive US$1.5 billion financing from a consortium of local and international financial institutions, to finance cocoa purchases for the 2021/2022 Cocoa Season. The sector’s regulatory body, Ghana Cocoa Board (COCOBOD) inked the multi-billion-dollar Pre-export Syndicated Finance agreement with a total of 28 institutions, made up of 4 local and 24 international financial institutions. The Initial Mandated Lead Arrangers were Standard Charted Bank, Industrial and Commercial Bank of China, Coöperatieve Rabobank, MUFG Bank Ltd, Natixis, Nedbank Ltd and Ghana…

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Cocoa processing startup Koa, chocolate maker Valrhona launch most conc cocoa fruit juice concentrate

GHANA – French chocolate maker Valrhona in collaboration with Swiss-Ghanaian start-up Koa have launched a new cocoa fruit juice concentrate ingredient dubbed Oabika. The flavourful ingredient is the very first cocoa fruit juice concentrate at 72° Brix, created especially for chefs and other gastronomy professionals. It has the highest concentration on the food service market providing a silky consistency and an amber-coloured appearance. Besides its fruity and tangy flavour, Oabika surprises through its candied, honey-like notes, delivering a new experience with a smooth texture and a unique taste. The innovation…

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Nigerian agricultural firms secure financing with support from NIRSAL to boost poultry, cocoa production

NIGERIA – The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc has facilitated the approval and disbursement of N81.8 million (US$198,700) and N150 million (US$364,500) from Union Bank Plc and Sterling Bank Plc respectively to two agri firms to boost poultry and cocoa production and export in Cross River State, South of Nigeria. NIRSAL Plc, is a non-bank financial Institution wholly-owned by the Central Bank of Nigeria (CBN), established in collaboration with the Federal Ministry of Agriculture and Rural Development (FMARD) and Nigerian Bankers’ Committee. Its mandate is…

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Ghana, Ivory Coast to attain bullish cocoa production in 2020/21 season further stamping dominance in sector

GHANA – Ghana, world’s second largest cocoa producer and exporter, is expected to set a new record high of cocoa production in the 2020/21 season. According to the Ghana Cocoa Board, the current season’s production is forecasted to reach 1.06 million tonnes, as 1.03 million tonnes has already been recorded with and only six weeks left to end of season. The already attained production beats the previous record of 1.024 million metric tonnes registered in the 2010/ 2011 crop season. It is also higher that the out-put registered in 2019/2020…

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Cargill partners AeroFarms to develop climate resilient cocoa varieties

US – Agricultural commodity trading giant Cargill is supporting the creation of a more sustainable cocoa sector by working with vertical farming pioneer AeroFarms to develop high yielding, climate-resilient cocoa varieties.   According to a statement from Cargill, the research collaboration brings together AeroFarms’ expertise in controlled environment agriculture, with Cargill’s extensive knowledge of cocoa agronomy and production practices.  The findings will yield new insights, targeting factors such as faster tree growth and greater yields.  It will also feature the accelerated development of varieties with enhanced pest and disease resistance while also looking at unlocking…

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Cameroon attains rise in cocoa production while Uganda continues growth trend in coffee export volumes

CAMEROON/UGANDA – Cameroon has registered a 12% rise in cocoa production in the 2020/2021 season to 292,471 tons. The 35,319 tons increase in produced volumes is the highest attained in the country over the past six production seasons, further propelling the attainment of the 300,000 tons production mark set in the country. According to reports by Business in Cameroon, local grinders processed 62,341 tons of cocoa, slightly up by 3.3% compared with the volume of cocoa processed during the 2019-2020 season. The upward performance is attributed to the commissioning of…

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Ivory Coast, Ghana establish Accra as official headquaters of joint cocoa initiative

WEST AFRICA – Ghana and Ivory Coast have signed the Headquarters Agreement for the establishment of the Ivory Coast-Ghana Cocoa Initiative Secretariat in Accra. The signing is the latest milestone in a unique bilateral process to further strengthen and expand the existing economic relations on cocoa and other related matters between Ghana and Ivory Coast the two largest cocoa-producing countries in the world. Chief Executive of Ghana Cocoa Board, Hon Joseph Boahen Aidoo, indicated that the establishment of the Secretariat is key to facilitate the coordination of efforts by the…

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Solidaridad promotes development of sustainable cocoa, oil palm value chains in Ghana

GHANA – Solidaridad, an international civil society organization, has launched a project in Ghana christened “Reclaim Sustainability! Programme” to promote inclusive and sustainable supply chains in the country. The five-year programme, seeks to contribute to sustainable and inclusive cocoa and oil palm supply chains, in which producers receive a fair value for their produce and work under safe conditions, without the use of child labour, and land rights and ensure the protection of the forest. It also seeks to improve the capacity of cocoa and oil palm farmers to bargain…

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Ghana COCOBOD collaborates with Ghanaian scientist to foster cocoa-based human health research

GHANA – Ghana Cocoa Board (COCOBOD) is seeking to expand the use of cocoa beyond the confectionery and cosmetic industries, into the health sector. The government-controlled institution is collaborating with some fellows of the Ghana Academy of Arts and Sciences (GAAS) to conduct research into components of cocoa that can aid in the management of some life-threatening infections and metabolic diseases globally. According to healthline, cocoa is rich in polyphenols, naturally occurring antioxidants that aid in reduction of high-blood pressure, lower risk of heart attack and stroke, improve blood flow…

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Nigerian cocoa-exporting company ADT Russet gets US$2.8m financing to drive market access

NIGERIA – The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), has provided ADT Russet Limited, a cocoa bean sourcing and exporting company, with 50% credit risk guarantee on a working capital facility worth N1.15bn (US$2.8m). Apart from the absorption of a substantial part of its risk exposure in the event of loan delinquency, NIRSAL is also providing efficient monitoring of the project aimed at boosting ADT Russet’s export volume to 4,000 metric tonnes per annum. The move is aimed to create a stronger market for cocoa export stakeholders…

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