The Ghana Cocoa Board plans to request loans of an additional $250 million, according to Yaw Adu-Ampomah, deputy chief executive officer of the board. The plan will be part of a trade-finance loan for the 2011-12 harvest, which runs from October 1 through September 30 of next year.
"We will ask the banks to make provision for $2 billion although we will actually need $1.75 billion if we have any emergencies," Adu-Ampomah told Bloomberg from the capital city of Accra on Tuesday. "We project that from the 2012/2013 season, subsidized fertilizer usage by farmers will cover 50 percent of all farms."
At 9:09 a.m. on Wednesday, cocoa futures gained 0.58 percent, an $18 gain to $3,120 per metric ton.
Ivory Coast, the globe's top producer of cocoa, last week took custody of one of the most powerful military leaders of the regime of former President Laurent Gbagbo, according to news24. General Georges Guiai Bi Poin secured the economic capital for Gbagbo, who was forced from power when apprehended by peacekeepers from the U.N. and France after refusing to leave office following his loss in the November election.
Gbagbo was charged earlier this month with financial crimes and is believed to be under investigation for crimes of violence.
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