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10 September 2016

Ghana to experience another shortfall in cocoa beans

dafdsfdfdGhana is set to experience another shortfall of about 130,000 metric tonnes in cocoa beans for the 2015/2016 crop season when the light crop season ends this month, Business Finder has learnt.

The country will bag about 720,000 metric tonnes of cocoa production against a target of 850,000 metric tonnes.

This paper gathered that the drastic fall in cocoa production was due largely to inadequate fertilizers for cocoa farmers, ageing cocoa trees and lack of skills support for farmers such as inadequate or no extension officer support.

The shortfall comes on the back of 740,000 metric tonnes of cocoa production recorded in the 2014/2015 crop season.

A year before, that is the 2013/20014 season, the nation registered about 900,000 metric tonnes of cocoa beans.

Ghana is however still the second leading exporter of cocoa beans in the world, trailing Ivory Coast which is producing more than 1.4 million metric tonnes of cocoa beans.

Ghana had targeted 850,000 metric tonnes of cocoa production for the 2015/2016 crop season after it had revised it in the course of the year.

The main crop season begins in October and ends in June whilst the light crop season begins in July and ends in September.

Cocobod has however declined to comment on the cocoa production for the 2015/2016 crop season, saying they are still putting figures together.

It attributed the fall in cocoa production in the 2014/2015 crop season to climate change that affected cocoa crops in the country.

In the 2014/2015 cocoa season, Ghana imported 15,500 metric tons of cocoa beans from neighbouring Ivory Coast.

Meanwhile, some indigenous licensed buying cocoa firms are still unhappy with the lack of support from government.

According to them, Cocobod is making it difficult for the local LBCs to receive loans and guarantees from financial institutions. They again called for the review and enforcement of the local content law to help indigenous firms to grow and create more jobs for the youth.

In May 2016, Parliament approved US$2 billion cocoa syndication loan to enable Cocobod purchase cocoa beans for the 2016/2017.

Cocoa is presently hovering around US$2,900 per tonne on the international commodities market. Analysts believe that the price of the commodity which is largely used in producing chocolate and other confectionary has the tendency to surpass the US$3,000 mark soon. Cocoa sold around US$3,000 during the 2011/2012 crop season.

 

 

Source: thefinderonline.com

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