25.6 C
Accra
Friday, September 13, 2024
BusinessGhana's cocoa production declines, 429,323 metric tons recorded in June - Report

Date:

Ghana’s cocoa production declines, 429,323 metric tons recorded in June – Report

Ghana’s cocoa production for the season ending in June has been reported at 429,323 metric tons, marking a significant decline from its average seasonal output, according to data released by the Ghana Cocoa Board (Cocobod) and reported by Reuters.

This figure underscores the challenges faced by the world’s second-largest cocoa producer due to adverse weather conditions, prevalent tree diseases, and illicit activities.

The latest cocoa harvests from Ghana and Ivory Coast, the top global producers, have contributed to rising cocoa prices worldwide since the beginning of the year. Together, these nations typically supply about 60% of the global cocoa market. The reduced production from Ghana highlights a critical issue affecting global cocoa supply chains.

Ghana’s cocoa sector has been adversely affected by adverse weather patterns and diseases such as Swollen Shoot Disease (CSSVD). Moreover, illegal artisanal gold mining, known locally as galamsey, has posed significant challenges by damaging cocoa farms and diverting labor away from agricultural activities. These factors have particularly impacted regions like Ashanti and Western South, traditionally key contributors to Ghana’s cocoa output.

By the end of June, the Ashanti region produced 103,976 metric tons of cocoa beans, a notable decrease from the previous season’s 160,855 tons.

Similarly, the Western South region recorded 96,810 tons, down from 152,277 tons in the preceding season. The Western North and Western South regions, as well as the Volta/Oti region bordering Togo, remain vulnerable to smuggling activities that further hinder cocoa production.

The production shortfall has also affected Ghana’s ability to meet its contractual obligations with international traders and exporters. Cocobod reportedly faces difficulties in fulfilling its forward sales contracts, potentially necessitating delays in delivering up to 350,000 tons of cocoa beans to the next season.

While Cocobod remains optimistic about a rebound in cocoa output to over 800,000 tons for the upcoming season starting in October, industry analysts caution that achieving this target may prove challenging amid ongoing production constraints.

Will you vote in the 2024 general election?
Will you vote in the 2024 general election?

Latest stories

Germany to accept 250,000 Kenyan workers under new labor agreement

Germany has reached a landmark agreement with Kenya to...

Postecoglou appeals for empathy during the Bentancur’s racing incident probe

Tottenham manager Ange Postecoglou defended Rodrigo Bentancur after the...

Mbappe and Vinicius unperturbed by criticisms; they are happy – Carlo Ancelotti

Real Madrid coach Carlo Ancelotti has expressed confidence in...

Ghanaians prioritize formal education over industrial development – Apostle Kwadwo Safo

Apostle Kwadwo Safo, a Ghanaian industrialist, inventor, and pastor,...

Related stories

Bank of Ghana’s July 2024 report reveals surge in non-performing loans

The Monetary Policy Report for July from the Bank...

SEC collaborates with NCA to combact fraudulent online investment schemes 

The Securities and Exchange Commission (SEC) has established a...

Ghana’s oil production could come to a standstill by 2024 if we lack investors – Dr. Manteaw

Co-chair of the Ghana Extractive Industry Transparency Initiative (GHEITI),...

Govt allocates GHS1.5bn to support customers of failed Gold Coast, Kron, other FMCs

Finance Minister revealed in the latest monthly economic briefing,...

SEC maintains vigilance on crypto while building regulatory framework

Director of the Securities and Exchange Commission (SEC), Rev....

Ghana’s oil industry risks collapse over lack of investors – GHEITI

Co-chair of the Ghana Extractive Industry Transparency Initiative (GHEITI),...

$40m Bitumen facility officially opened by Akufo-Addo in Tema

President Nana Addo Dankwa Akufo-Addo inaugurated Ghana’s largest bitumen...

LEAVE A REPLY

Please enter your comment!
Please enter your name here