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.