Ghana Lowers 2016/17 Cocoa Output

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  • Ghana Lowers 2016/17 Cocoa Output

Ghana’s Cocobod’s new chief executive Joseph Aidoo on Monday lowered this year’s cocoa output to be around 800,000 tonnes from the initial forecast of 850,000-900,000 tonnes.

Aidoo, who did not give reasons for the drop, told Reuters in Accra that the country produced 780,000 tonnes of beans last season.

Cocobod data also seen by Reuters showed that cocoa purchases declared to Ghana’s industry regulator since the start of the 2016/17 season stood at 657,349 tonnes by Feb. 23.

According to the data, the purchases showed a slight drop from the 660,673 tonnes of beans purchased in the same period last season.

But cocoa farmers say they are expecting a better yield this year due to improved weather conditions.

“The rains have started and it’s good for the light crop pods,” farmer Lawrence Adu told Reuters by phone from his base in the Eastern region town of Tafo.

Ghana is the world’s second-biggest cocoa producer.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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