Ghana’s cocoa crisis deepens as buyers owe banks $750 Million

Ghana’s licensed cocoa buyers are staggering under up to $750 million in debt to banks, the Licensed Cocoa Buyers Association revealed Thursday, as delayed payments from regulator Cocobod and falling global prices squeeze the sector supplying half the world’s cocoa.

Association President Samuel Adimado told Reuters buyers owe banks 7-8 billion cedis ($650-750 million) and farmers an additional $205-234 million, with “interest piling up.”…