"Ghana seeks to delay cocoa deliveries due to lack of beans"

" Ghana seeks to delay cocoa deliveries due to lack of beans \r\n\r\nGhana is in talks with traders to postpone the delivery of at least 150,000 to 250,000 tons of cocoa until next season due to a lack of beans, in the latest sign of how a supply crunch is roiling the global market.\r\n\r\nThe Ghana Cocoa Board, the regulator, is negotiating with major traders to roll over the delivery until sometime during the season that starts in October, according to five people familiar with the negotiations. The beans are supposed to be delivered during the main harvest that will end in the coming months, and some traders are asking for a big discount for the delay, two of the people said.\r\n\r\nThe talks highlight the severity of the cocoa crisis that\u2019s been caused by poor harvests in Ivory Coast and Ghana, the top growers, and which is threatening to further raise chocolate prices. Prices have surged to a record \u2014 topping $10,000 a ton \u2014 as the market faces another global deficit, and the scarcity of beans is making it harder for traders, processors and chocolate makers to source supply.\r\n\r\n\u201cAt present, there are no ongoing engagements. However, we do recognize the potential need to engage with buyers in the near future,\u201d Ghana Cocoa Board spokesperson Fiifi Boafo said. \u201cNo issue about a big discount has been brought up for any such discussion.\u201d\r\n\r\nNo. 2 grower Ghana has faced difficulties fulfilling its contracts in recent seasons due to lower output, forcing it to roll over deliveries and putting more strain on the global market.\r\n\r\nThe country recently raised the price it pays farmers following the rally and to stop them from smuggling beans to neighboring nations for higher prices. The country\u2019s lack of beans has also hampered its ability to secure funding that it uses to pay its growers.\r\n\r\nOne trader who also asked not to be identified said their company won\u2019t buy any beans for the 2024-25 season from Ghana until issues over existing contracts have been resolved."

"Ghana seeks to delay cocoa deliveries due to lack of beans"

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