Cocoa purchases declared by private buyers to Ghana's industry regulator Cocobod hit 1,009,782 tonnes by August 25 since the start of the season in October, according to data from Cocobod obtained by Reuters on Monday. The figure includes 92,972 tonnes registered during the No 2 world cocoa grower's light crop, a period during which beans are sold to local grinders at a discount instead of being exported.
The light crop purchases which covered the first 11 weeks were up 140 percent compared to the corresponding period last year, according to the data - extending a banner harvest for the West African nation. Cocobod has extended this year's light crop harvest to 13 weeks from a yearly average of 11 weeks. Ghana has recorded an unprecedented cocoa production this year with output topping one million tonnes a year earlier than targeted, far exceeding last year's output of around 630,000 tonnes.
Cocobod Chief Executive Tony Fofie told Reuters the season would close on Thursday, adding that buyers would be given up to September 15 to mop up their stocks from the field. The 2011/12 crop year will start in early October after the signing of a syndicated loan for the upcoming purchases. Ghana is hoping to raise $2 billion from the loan syndication involving international banks to fund purchases, the highest such transaction so far by the Cocobod.
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