Accra, July 18, GNA - Ghana's cocoa production is set to hit the 500,000 tonnes mark in the current season, the highest since 1965. The increase is expected to push the country back into being the second largest cocoa producer in the world after Cote d'Ivoire. Indonesia is currently the second largest producer. Addressing Journalists in Accra on Friday to announce the Prime Rate for July, Dr Paul Acquah Governor of the Bank of Ghana said tentatively production of cocoa is set to rise from the current 430,000 tonnes to 500,000 tonnes. He explained that exports of the country's major commodities such as cocoa, gold and other minerals have recorded increases beyond their projected levels for the half year.

"For example, cocoa purchases for the 2002-2003 main crop, at some 442,000 tonnes, are above the 350,000 tonnes expected and is much higher than the crop for each of the 2000-2001 and 2001-2002 seasons," he said. Sources at Cocobod told the Ghana News Agency earlier this week that production was expected to hit beyond 470,000 metric tonnes by next year. On the nation's external payment situation, Dr Acquah said it had improved, adding that events in the first half of the year resulted in a significant increase in the Gross International Reserves position of the country to over 2.5 months of import cover. In 2002, it was a 2.3 months of import cover.