Cocoa

Cocoa Farmers In Ghana Hoard Beans In Anticipation Of Price Hike – Reuters Report
05 Nov

Cocoa Farmers In Ghana Hoard Beans In Anticipation Of Price Hike – Reuters Report

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Cocoa farmers in the world's No.2 producer Ghana are hoarding beans in anticipation of higher prices, industry sources told Reuters, potentially squeezing supplies to a global cocoa market looking to recover from last season's disastrous harvests. While the scale of the up-country bean stocking was not clear, a dozen farmers, buyers and officials from state regulator Cocobod confirmed the practice, with some blaming it for a slowing of bean purchases. "I have more than 300 bags, but I won't sell," said a cocoa farmer in south-central Ghana, who asked not to be named. "I will only sell after Christmas. We…
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Dr. Bawumia Assures Cocoa Farmers Of Adjustment In Producer Price For 2024/25 Season
04 Oct

Dr. Bawumia Assures Cocoa Farmers Of Adjustment In Producer Price For 2024/25 Season

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Dr. Mahamudu Bawumia, the Flagbearer of the New Patriotic Party (NPP), has assured cocoa farmers of the government’s resolve to adjust producer price of cocoa for the 2024/25 season. This followed the current world market price and latest farm gate price for cocoa in Ivory Coast which exceeds Ghana’s rate by 20 percent. According to him, the new adjustment which was yet to be announced would cushion cocoa farmers and help to avoid the possible risk of cocoa smuggling to Ivory Coast. Dr Bawumia gave the assurance at Okogyeabour palace in Sefwi Wiawso during his three-day tour of the Western North Region.…
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COCOBOD To Announce New Cocoa Farmgate Price On September 10
10 Sep

COCOBOD To Announce New Cocoa Farmgate Price On September 10

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The Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has announced that a new cocoa price will be disclosed on Tuesday, September 10, 2024. Addressing a gathering of cocoa farmers in Kumasi, Mr. Aidoo revealed that President Nana Akufo-Addo will announce the new price at the opening of the new cocoa crop season. He explained that while the government initially planned to open the season on September 1, 2024, unforeseen circumstances led to a postponement. Mr. Aidoo assured farmers that the new cocoa price would be more favourable than the current rate, although he did…
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Ghana Set To Raise Cocoa Farmgate Price By Nearly 4%
03 Sep

Ghana Set To Raise Cocoa Farmgate Price By Nearly 4%

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Ghana is set to increase the state-guaranteed price paid to cocoa farmers by nearly 45% for the 2024/25 crop season, according to two sources familiar with the price review process. This is part of efforts to boost farmers’ incomes and curb the smuggling of cocoa beans out of the country. The world’s second-largest cocoa producer previously raised the farmgate price by over 58% in April to 33,120 cedis ($2,123.08) per metric ton, or GH¢2,070 per 64 kilograms, for the remainder of the 2023/24 season. This mid-season price hike followed a similar move by neighbouring Ivory Coast, the top cocoa producer,…
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Cocoa Farmers’ Pension Scheme Kicks Off In 3 Districts
12 Aug

Cocoa Farmers’ Pension Scheme Kicks Off In 3 Districts

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The pilot deduction of farmers’ 5% contribution under the Cocoa Farmers’ Pension Scheme (CFPS) has kicked off at Assin Foso, Assin Bereku and New Edubiase to allow cocoa farmers enjoy the benefits for decent living after retirement. President Nana Addo Dankwa Akufo-Addo launched the CFPS in December 2020, aimed at guaranteeing decent pension for cocoa farmers in Ghana to have a good living standard after pension. Mr David Asare Oduro, of the Corporate Affairs Department of Ghana Cocoa Board (COCOBOD), said the rollout fulfils a provision in the Ghana Cocoa Board Law 1984 (PNDC L.81) which mandates the Board to set up…
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Ghana Seeks To Limit Some Cocoa Purchases As Shortages Persist
22 Jul

Ghana Seeks To Limit Some Cocoa Purchases As Shortages Persist

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Ghana is seeking to limit some cocoa purchases for next season, a sign that severe shortages that have plagued the market and sent futures prices to a record may be far from over. In a letter to buyers this week, the world’s No. 2 producer said it will determine how much of the next crop can be sold as specialty cocoa based on total production, and that the regulator will allocate beans “equitably” among buyers. Specialty cocoa beans include the ones with certification such as Fairtrade, UTZ and Rainforest Alliance, along with traceable beans. The move to restrict some purchases…
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Cocoa Yields To Rebound: 800,000 Tonnes Expected This Year
19 Jun

Cocoa Yields To Rebound: 800,000 Tonnes Expected This Year

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Ghana’s cocoa production volumes are expected to rise to about 800,000 tonnes by the end of the year in what is expected to reverse the trend of heavy losses suffered in the last couple of years. The world’s second-largest producer of the cash crop has been grappling with lower yields as a result of a number of factors such as El Nino, a severe global climate phenomenon that emerges from variations in winds and sea surface temperatures over the tropics; illegal mining (galamsey) and smuggling, leading to a drastic reduction in production output. Conservative figures put yields at an average…
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Galamsey, Smuggling And Bad Weather Slash Ghana’s Cocoa Revenue By $500M
18 Jun

Galamsey, Smuggling And Bad Weather Slash Ghana’s Cocoa Revenue By $500M

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Illegal mining activities, unfavourable weather conditions, the swollen shoot virus disease, and rampant smuggling have caused a significant shortfall in Ghana’s cocoa revenue for the first quarter of 2024. Fiifi Boafo, Head of Public Affairs at COCOBOD, in an interview with on JoyNews Desk, Boafo explained the key factors behind the alarming drop of over $500 million in cocoa revenue, as reported by the Bank of Ghana. “Illegal mining activities are cutting off farmers from their farms,” he stated, highlighting the detrimental impact of these illicit activities on cocoa production. Mr Boafo added, “Farmers find it difficult to get aid…
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Cedi Remains Weak As Cocoa Export Revenue Drops By More Than $500 Million
12 Jun

Cedi Remains Weak As Cocoa Export Revenue Drops By More Than $500 Million

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Illegal mining, climate issues, diseases, and smuggling activities compelled export revenue of cocoa to fall by more than $500 million in the first quarter of 2024 as Ghana's annual production numbers continue to tumble. The drop, reported in the Bank of Ghana's Summary of Macroeconomic and Financial Data for May 2024, comes at a time when the cedi is struggling against major trading currencies, having lost more than 20% of its value against the dollar since the beginning of the year. The Bank of Ghana data revealed that cocoa export revenue experienced a significant decline, dropping from over $1 billion…
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Gold Exports In 2023 Surged To $7.60Bn, But Crude Oil And Cocoa Exports Tumble – BoG
06 Jun

Gold Exports In 2023 Surged To $7.60Bn, But Crude Oil And Cocoa Exports Tumble – BoG

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Gold exports in 2023 amounted to $7.60 billion, representing a year-on-year increase of 15.0%. This is mainly due to a 9.2% increase in the volume of exports and a 5.4% increase in the average realised price. According to the 2024 Bank of Ghana Annual Report, the rise in the volume of exports was due to improved gold production attributed to the expansion of the Newmont Ahafo Mine, resumption of operations at Anglogold Ashanti Obuasi Mine, and increased volumes from small-scale miners. The average realised price of gold in 2023 was $1,843.13 per fine ounce. Crude oil exports dropped 39.3% in…
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