In Ghana, the cocoa bean harvest has decreased by more than 50%
Source: tass
The volume of cocoa bean harvest in Ghana in the current agricultural year will amount to 429 thousand tons, or 55% less than in the previous year. This was announced by the Ghana Cocoa Council (CCG).
As a result, Ghanaian producers will not be able to fulfill all contracts for the supply of cocoa beans to the world market, SKG notes. Ghana is the world's second largest producer of cocoa beans after Ivory Coast. At the beginning of the current agricultural year, SKG expected that the harvest size would be 580 thousand tons. Over the past ten years, the average annual production of cocoa beans in Ghana has exceeded 700 thousand tons.
Reuters earlier this week published a study according to which holders of exchange futures contracts for the supply of cocoa beans risk losing up to $1 billion in the coming months due to a reduction in supplies from Ghana. With reference to the business community, the agency reported that this year the global market risks not receiving enough cocoa beans from Ghana in the amount of 350 thousand tons. As a result, there will be a significant increase in retail prices for chocolate and products made from it.
This year, the cocoa bean harvest in Ghana and Ivory Coast has suffered from adverse climatic conditions. At the same time, in Ghana, almost a fifth of all plantations of trees producing cocoa beans are affected by a virus-caused disease.
The resulting shortage of cocoa beans on the world commodity markets has led to an unprecedented increase in prices for them. On April 18, 2024, the price per ton of cocoa beans exceeded $12 thousand. Then prices began to weaken due to the withdrawal of some solvent buyers from the market. On July 18, the world commodity exchanges give $ 7.9 thousand per ton of cocoa.
Reuters earlier this week published a study according to which holders of exchange futures contracts for the supply of cocoa beans risk losing up to $1 billion in the coming months due to a reduction in supplies from Ghana. With reference to the business community, the agency reported that this year the global market risks not receiving enough cocoa beans from Ghana in the amount of 350 thousand tons. As a result, there will be a significant increase in retail prices for chocolate and products made from it.
This year, the cocoa bean harvest in Ghana and Ivory Coast has suffered from adverse climatic conditions. At the same time, in Ghana, almost a fifth of all plantations of trees producing cocoa beans are affected by a virus-caused disease.
The resulting shortage of cocoa beans on the world commodity markets has led to an unprecedented increase in prices for them. On April 18, 2024, the price per ton of cocoa beans exceeded $12 thousand. Then prices began to weaken due to the withdrawal of some solvent buyers from the market. On July 18, the world commodity exchanges give $ 7.9 thousand per ton of cocoa.
