Cocobod aims to raise a $1.3 billion syndicated loan from international banks in September for 2017/18 crop purchases.

The amount, down from the $1.8 billion loan signed last year, is based on an estimated output of 850,000 tonnes of beans, Cocobod Chief Executive Joseph Boahen Aidoo told Reuters.

Total purchases for the week ending March 23, week 25 of the 2016/17 season, were 10,308 tonnes, up from 9,490 tonnes a year earlier, the data showed.

Ghana, world's second largest cocoa grower is on target to produce 800,000 tonnes "or slightly more" this crop year, Aidoo said, citing improving weather conditions.

"The rains have started and indications are that we're likely to cross the 800,000 mark," he said.

The government of President Nana Akufo-Addo, inaugurated in January, has vowed to clean up the cocoa sector by rationalising expenditure and improving efficiency and to raise output to 1 million by the end of its first four-year term.