Cocoa prices

According to the Bank of Ghana’s Commodity Price Outlook, cocoa prices are anticipated to fluctuate within the range of $4,882 to $4,922 per tonne in March 2024. The forecast attributes this stability to tight supplies and adverse weather conditions in Cote d’Ivoire, posing a threat to the mid-crop year from April to September 2023. Cocoa prices experienced a 4.9% increase in December 2023, reaching $4,235.6 per tonne. This surge was driven by tightening supplies and the anticipation of a third consecutive deficit in the current crop season. The year-over-year comparison reveals a remarkable 66.0% spike in cocoa prices, primarily attributed…

Governor of the Bank of Ghana Dr Ernest Addison has stated that prices of Ghana’s major export commodities (cocoa, gold and crude oil) traded mixed on the international market in the first half year. He said cocoa prices surged to record highs last seen over a decade ago, triggered by tight supplies from West Africa coupled with expectations of a global deficit in the 2022/2023 crop season. On a year-to-date basis, cocoa beans gained 25.5 percent to settle at US$3,185.29 per tonne in June 2023, he said. Dr Addison further said that from the beginning of the year to June…