• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Agribusiness

Ghana to Restrict Specialty Cocoa Purchases For Next Crop Season Amid Ongoing Supply Concerns

1 year ago
in Agribusiness, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
2.1k
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana to Restrict Specialty Cocoa Purchases For Next Crop Season Amid Ongoing Supply Concerns

Ghana is set to limit purchases of specialty cocoa for the upcoming 2024-25 season, underscoring persistent concerns over severe shortages that have disrupted the market and driven futures prices to record highs.

In a letter to buyers dated July 16, the world’s second-largest cocoa producer announced it will determine the volume of the next crop that can be sold as specialty cocoa based on total production. The Ghana Cocoa Board (COCOBOD) will allocate these beans “equitably” among buyers. Specialty cocoa includes beans certified by Fairtrade, UTZ, and Rainforest Alliance, as well as traceable beans.

The decision to restrict purchases indicates apprehension that the forthcoming crop may not see the recovery anticipated by some market observers, even with favourable weather and timely supplies of pesticides and fertilizers. Cocoa futures in New York, which surged to unprecedented levels this year, have since fallen over 30% after peaking in April.

“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,” Emmanuel Opoku, deputy chief executive of operations at COCOBOD, stated in the letter seen by Bloomberg.

Ghana has deferred deliveries of at least 250,000 metric tons of cocoa to the 2024-25 season starting in October following a significant production decline. The country, alongside Ivory Coast, the world’s largest producer, has been grappling with the spread of swollen shoot disease.

Despite this, Ivory Coast projects its 2024-25 harvest to rebound to 2 million tons, up from an estimated 1.8 million tons for the current season. Ghana anticipates its production to reach 700,000 tons, a notable increase from approximately 425,000 tons.

RelatedPosts

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

Domestic Debt Surpasses External Debt for the First Time in Years

COCOBOD has requested buyers seeking to purchase specialty cocoa for the next season to provide detailed information, including off-take agreements, shipment plans, and the specific amount and type of specialty beans they intend to acquire. The regulator will then allocate the approved tonnage for specialty cocoa to each registered buyer based on these submissions, Mr Opoku said.

A spokesman for COCOBOD did not respond to telephone calls and a text message seeking comment.

This measure underscores the challenges Ghana faces in managing its cocoa supply and the broader implications for global markets amid ongoing production difficulties.

 

with files from bloomberg…

Tags: Ghana to Restrict Specialty Cocoa Purchases For Next Crop Season Amid Ongoing Supply ConcernsSpecialty Cocoa PurchasesSupply Concerns
No Result
View All Result

Highlights

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

GoldBold Opens Licensing for Jewellery, Fabrication and Refinery

IMF Managing Director Appoints Christian Mumssen as Director of the Strategy, Policy, and Review Department

Ethiopia’s Gold Rally Fuels Confidence in Stronger Currency

Senegal’s 2026 Debt Bill Jumps 11% After Hidden Loans Scandal

PIAC yet to see Restoration of Funding Under ABFA Despite Assurance from President Mahama

Trending

Business

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

October 23, 2025

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat The African Continental Free Trade Area (AfCFTA)...

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

October 23, 2025

Domestic Debt Surpasses External Debt for the First Time in Years

October 23, 2025

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

October 23, 2025

GoldBold Opens Licensing for Jewellery, Fabrication and Refinery

October 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.