{"id":20611,"date":"2024-06-20T09:55:47","date_gmt":"2024-06-20T09:55:47","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=20611"},"modified":"2024-06-20T10:03:12","modified_gmt":"2024-06-20T10:03:12","slug":"ghanas-cocoa-volumes-to-recover-despite-new-10k-tonne-price-crossover","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/06\/20\/ghanas-cocoa-volumes-to-recover-despite-new-10k-tonne-price-crossover\/","title":{"rendered":"Ghana\u2019s cocoa volumes to recover despite new $10k\/tonne price crossover"},"content":{"rendered":"\n

Ghana\u2019s cocoa supplies for the 2024-25 season could rebound and pressure international futures prices that hit $10,782<\/u><\/a> on June 18, 2024.<\/p>\n\n\n\n

On June 18, Ghana Cocoa Board (Cocobod) forecast a production rebound to 700,000 tonnes from October 2024, onward.\u00a0<\/p>\n\n\n\n

The board cited good weather conditions for the upward supplies, which will redeem poor averages of 500,000 tonnes in recent years.\u00a0<\/p>\n\n\n\n

In actual terms, the 2023-24 Ghanaian crop bottomed out from disease and dry weather effects to\u00a0435,000 tonnes<\/u><\/a>, a 22-year slump.<\/p>\n\n\n\n

Ironically, in mid-May 2024 there was a weather respite that temporarily cut prices by 19%<\/u><\/a>  after rainfall predictions for Ghana.<\/p>\n\n\n\n

But most of the year has seen dry weather. As a consequence, Ghana lost the yearly average revenue from cocoa in quarter 1, 2024 by 32.8% to $592.2 million. Comparatively, the respective 2021, 2022 and 2023 first quarters had had corresponding cocoa income averages of $825.8 million. <\/p>\n\n\n\n

Meanwhile, the world market is yet to register the upcoming volume rebound from Ghana. July cocoa deliveries in both New York and London spiked on June 18, 2024 by 2.89%<\/u><\/a> and 0.77% respectively.<\/p>\n\n\n\n

The rise follows Ivory Coast\u2019s announcement of a 29% yearly exports\u2019 drop between October 1, 2023 and June 16, 2024.<\/p>\n\n\n\n

Ivory Coast and Ghana are the top cocoa-producing nations and supply changes there usually occasion sharp global price swings.<\/p>\n\n\n\n

For Ghana, the price<\/u><\/a> rise stems from a currency value depreciation of the Cedi against the dollar by 14%<\/u><\/a>. The country recorded a sharp revenue drop from low supplies and currency value slide, despite cocoa hitting $11,000 a tonne.<\/p>\n\n\n\n

So, as Ghana\u2019s cocoa production rebounds, international prices have edged yet again past the $10 k per ton mark. But this could change if the following statistics on how the country\u2019s production influences the global market figure in.<\/p>\n\n\n\n

Ghana’s Cocoa Statistics<\/strong><\/h2>\n\n\n\n

Ghana has remained the second biggest cocoa-producing nation and together with Ivory Coast, supplies 60%<\/u><\/a> of world cocoa. The 2020-21 season\u2019s production reached an impressive 1.047 million tonnes<\/u><\/a>. Since then, production has slipped consecutively due to disease and drought but the country has still retained the second position. The 2021-22 production reduced by 50% year-on-year to 683,000 while the 2022-23 crop slid to 654,000 tonnes. This is even as the 2023-24 crop dropped to 580,000 tonnes. <\/p>\n\n\n\n

How has falling cocoa production in Ghana affected the international price historically<\/strong>? <\/p>\n\n\n\n

The consecutive yearly production decreases in Ghana and Ivory Coast since 2021 have occasioned volatility in the international price. The price stood at $2,370<\/u><\/a> in 2020, $2,430 in 2021, $2,390 in 2022, $3,280 in 2023 and over $7,000 per tonne in 2024. <\/p>\n\n\n\n

How has Ghana\u2019s cocoa price performed in the 2023-24 season?<\/strong><\/p>\n\n\n\n

The farm-gate price rose from 20,943 Cedi <\/u><\/a>($1,382 at 2024 exchange rates) in September 2023 to 33,120 Cedi<\/u><\/a> ($2,186) per tonne in April 2024. The average for the 2022-23 season had been 12,800 Cedi ($842.24 at the 2024 exchange rate) a tonne. These prices indicate the amount the government fixes for farmers to sell raw cocoa beans each season. <\/p>\n","protected":false},"excerpt":{"rendered":"

Ghana\u2019s cocoa supplies for the 2024-25 season could rebound and pressure international futures prices that hit $10,782 on June 18, 2024. On June 18, Ghana Cocoa Board (Cocobod) forecast a production rebound to 700,000 tonnes from October 2024, onward.\u00a0 The board cited good weather conditions for the upward supplies, which will redeem poor averages of 500,000 tonnes…<\/p>\n","protected":false},"author":3,"featured_media":20612,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nGhana\u2019s cocoa volumes to recover despite new $10k\/tonne price crossover - Selina Wamucii | Food & Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/20\/ghanas-cocoa-volumes-to-recover-despite-new-10k-tonne-price-crossover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana\u2019s cocoa volumes to recover despite new $10k\/tonne price crossover - Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Ghana\u2019s cocoa supplies for the 2024-25 season could rebound and pressure international futures prices that hit $10,782 on June 18, 2024. 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