https://en.sputniknews.africa/20240720/ghana-reportedly-rations-cocoa-amidst-ongoing-shortage-crisis-1067572852.html
Ghana Reportedly Rations Cocoa Amidst Ongoing Shortage Crisis
Ghana Reportedly Rations Cocoa Amidst Ongoing Shortage Crisis
Sputnik Africa
The cocoa market is in turmoil as prices approach new highs, owing to a number of issues, such as climate change and unfair payments from market players to... 20.07.2024, Sputnik Africa
2024-07-20T16:43+0200
2024-07-20T16:43+0200
2024-07-22T15:56+0200
sub-saharan africa
ghana
west africa
economy
cocoa
crops
cote d'ivoire (ivory coast)
chocolate
agriculture
market
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Emmanuel A. Opoku, deputy chief executive responsible for operations at the Ghana Cocoa Board, stated in a letter to the registered buyers that the country will allocate cocoa production "equitably" among them, impacting specialty cocoa beans like Fairtrade and Rainforest Alliance-certified products, the Western media reported.Ghana Cocoa Board “will provide the approved tonnage for specialty cocoa for each” registered buyer “after the submission of their projections for the season,” Opoku reportedly added.This move suggests concerns over the recovery of Ghana's next crop, despite favorable weather and sufficient pesticide and fertilizer supplies. Cocoa futures have hit record highs this year but dropped over 30% after peaking in April, according to the report. Ghana has deferred delivery of at least 250,000 tonnes of cocoa to the 2024-25 season after a production decline. Neighboring Ivory Coast, the top producer, expects its next harvest to rebound, while Ghana forecasts production to rise to 700,000 tonnes from around 425,000 tonnes.The Ghana Cocoa Board is requesting buyers to provide off-take agreements, shipment plans, and details about their desired specialty cocoa purchases for the next season.Furthermore, the main cocoa production region of Ghana, which covers 410,229 hectares, is currently affected by the Swollen Shoot Virus Disease on 330,456 hectares, according to a recent report by the International Cocoa Organization.
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west africa
cote d'ivoire (ivory coast)
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ghana, west africa, economy, cocoa, crops, cote d'ivoire (ivory coast), chocolate, agriculture, market
ghana, west africa, economy, cocoa, crops, cote d'ivoire (ivory coast), chocolate, agriculture, market
Ghana Reportedly Rations Cocoa Amidst Ongoing Shortage Crisis
16:43 20.07.2024 (Updated: 15:56 22.07.2024) The cocoa market is in turmoil as prices approach new highs, owing to a number of issues, such as climate change and unfair payments from market players to farmers. These factors, and many others, are affecting key producers in West Africa, particularly Côte d'Ivoire and Ghana, which are the main providers of cocoa globally.
Emmanuel A. Opoku, deputy chief executive responsible for operations at the Ghana Cocoa Board, stated in a letter to the registered buyers that the country will allocate cocoa production "equitably" among them, impacting specialty cocoa beans like Fairtrade and Rainforest Alliance-certified products, the Western media reported.
"Volumes to be traded as specialty during the 2024-25 cocoa year will be determined as a percentage of total production and allocated equitably to registered buyers," Opoku was quoted by the media as saying.
Ghana Cocoa Board “will provide the approved tonnage for specialty cocoa for each” registered buyer “after the submission of their projections for the season,” Opoku reportedly added.
This move
suggests concerns over the recovery of Ghana's next crop, despite favorable weather and sufficient pesticide and fertilizer supplies. Cocoa futures have hit record highs this year but dropped over 30% after peaking in April, according to the report.
Ghana has deferred delivery of at least 250,000 tonnes of cocoa to the 2024-25 season after a production decline. Neighboring Ivory Coast, the top producer, expects its next harvest to rebound, while Ghana forecasts production to rise to 700,000 tonnes from around 425,000 tonnes.
The Ghana Cocoa Board is requesting buyers to provide off-take agreements, shipment plans, and details about their desired specialty
cocoa purchases for the next season.
Furthermore, the main cocoa production region of Ghana, which covers
410,229 hectares, is
currently affected by the Swollen Shoot Virus Disease on
330,456 hectares, according to a recent report by the International Cocoa Organization.
