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Ghana has secured a loan of US$600 million loan from the African Development Bank (AfDB) to boost cocoa production in the next seven years.

According to local media reports on Monday, the loan is a credit facility and will serve as a stimulus package for the cocoa sector and improve the entire value chain of the cocoa production.

The Chief Executive Officer of the Ghana Cocoa Board, Mr. Joseph Boahen Aidoo, who announced this on Sunday during Cabinet Retreat at Paduase Lodge in the Eastern Region of Ghana, said that the loan would also ensure improvement in storage facilities and rehabilitation of cocoa farms.

According to him, the loan will also assist in increasing domestic processing as well as domestic consumption of cocoa products in the country.

Ghana is the second largest producer of cocoa in the world after Ivory Coast and the government is putting in several mechanisms to regains its first position it lost to its western neighbour.

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