Ghana’s cocoa regulator, Cocobod, says it has signed a $1.13 billion syndicated loan on Monday with international banks to finance purchases for the upcoming season, which is due to open later this month.

Ghana, the world's second-largest cocoa producer behind Cote d’Ivoire, uses loans from international banks every year mainly to finance bean purchases. 

The two neighbouring countries account for around 60% of global cocoa supply.

Cocobod in a statement said Monday's loan, significantly less than the $1.5 billion secured last year, was oversubscribed by $130 million.

Ghana's parliament had approved a larger $1.3 billion loan at the end of July.

The loan's lead arrangers were Cooperative Rabobank, the Industrial and Commercial Bank of China (ICBC), DZ Bank, MUFG Bank, Natixis, Standard Chartered, the Arab Bank for Economic Development in Africa (BADEA) and the Ghana International Bank.