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Home Business Agribusiness

Price of cocoa projected to witness a decline in Q1 2022

3 years ago
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Price of cocoa projected to witness a decline in Q1 2022

The Bank of Ghana (BoG) has indicated that cocoa beans exports to the international market as well as prices of cocoa might record a decline between January and March this year relative to the same period last year.

The BoG has ascribed the projected fall in cocoa exports and prices to fears that the global economy would be weakened by the third wave of the covid-19.

Revenue from the ‘golden pod’ has been on an upward trajectory since 2019. It ended 2019 at $2.28 billion but rose to $2.33 billion in 2020 before peaking at $ 2.85 billion last year, according to BoG data.

The amounts grossed from the crop were as a result of favourable prices and quantities produced.

This projection was contained in its January 2022 Monetary Policy Report, with concerns that the country could be on its way to suffering its first revenue decline from cocoa in three years.

The report examined the revenue prospects of the country’s three major foreign exchange earners – cocoa, crude oil and gold.

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West Africa, mainly Ghana and Cote d’Ivoire, supply about 70% of the world’s cocoa with Ghana’s being of premium quality.

The report said cocoa beans arrivals from West Africa’s major cocoa producers had remained below last year’s numbers.

It said the 2021/22 crop season arrivals “may remain below expectations, thereby lending support to cocoa futures prices in upcoming months.”

It also stated that the new Omicron variant had raised concerns about a possible slowdown in global economic growth, with the concerns feeding into prices.

Read: Governments must choose to support or restructure heavily indebted firms

“These fears about weakening global economic activity might weigh on cocoa futures in the months ahead. Nearby cocoa futures prices in January to March are forecast to average US$2,435 and US$2,510 a tonne compared with US$2,549 a year earlier,” the report said.

Ghana’s cocoa production hit a record high last year, when it closed the 2020/21 season at 1.045 million tonnes. That amount was about 20% of the season’s global supplies.

In the 2021/22 season, the Ghana Cocoa Board (COCOBOD) aims to produce about 850,000 tonnes.

Oil prices

Crude oil on the other hand per the report, said global oil market would be subject to significant uncertainties this year. 

It said the notable developments that would affect price of the commodity included the resurgence of the COVID-19 pandemic and its effects on economic growth, oil demand, and the production decisions of the Organisation of Petroleum Exporting Countries (OPEC+).

It noted that restrictions imposed to mitigate the spread of COVID-19 before the emergence of the Omicron variant raised the possibility of a decline in global oil consumption leading to downward pressures on oil prices.

“These factors, among others, could keep oil prices volatile between $71 and $79 per barrel during the year,” the report said.

Gold

On gold, the central bank said the yellow metal would “be particularly relevant for investors in 2022 as a risk hedge.”

“In the outlook, the bullion may be confronted with two key headwinds: high nominal interest rates and a potentially stronger dollar in 2022,” it said.

The report explained that those negative effects could be offset by some supporting factors such as high inflation, market volatility related to COVID-19, geopolitics, and robust demand from central banks and jewellery consumers.

“Bullion’s performance will be dependent on which factors outpace the other. Gold prices are expected to trade between US$1,500 and US$1,850 per fine ounce,” the reported added.

Tags: January 2022 Monetary Policy ReportOrganisation of Petroleum Exporting Countries (OPEC+).Prices of cocoa to witness a decline in Q1 2022 - BoG
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