Cocoa Archives - Page 3 of 5

18 Sep

COVAAAGH Lauds Gov’t Initiative For Optimal Cocoa-Based Products

wontumionlineBusinessCocoa, COVAAAGH, Ghana Cocoa Board

The Cocoa Value Addition Artisans Association of Ghana (COVAAAGH) has commended government for its commitment to facilitate the direct supply of premium cocoa beans to indigenous cocoa processing and manufacturing enterprises to produce high-quality products. “This remarkable step will not only bolster the domestic cocoa value chain but also promote economic growth, job creation, and also increase Ghana’s share of the global cocoa and chocolate industry valued at $130 billion,” a release issued by COVAAAGH on Monday, September 18 said. Signed by President George Adjei-Bekoe, the press release described as “visionary” and “transformative” the new policy by government. Under the…

11 Sep

Bag Of Cocoa Beans To Sell At GH¢1,308 In New Season

wontumionlineBusinessCocoa, cocoa beans

President Nana Addo Dankwa Akufo-Addo has announced a 63.6% upward adjustment of the farm gate price of cocoa beans from GH₵800 to GH₵1,308 per bag for the new cocoa season. According to the president, the increment is the highest in West Africa in the last 15 years. The president made this announcement at Tepa in the Ashanti Region during the opening of the 2023/2024 cocoa season. The increment comes after cocoa farmers intensified calls for an upward review of cocoa prices to prevent the prevalence of smuggling and the situation where cocoa farmers give out their lands to illegal miners.…

25 Jul

Cocoa Prices Hit Highest In 12 Years In New York

wontumionlineBusinessCocoa

Chocolate-making raw material cocoa's prices rose to the highest in more than 12 years in New York on Tuesday [July 18], only a few weeks after its prices jumped to the highest in 46 years in London, as traders and chocolate producers face restricted supplies. Prices for the benchmark cocoa contract at the Intercontinental Exchange in New York rose to $3,429 per metric tonne earlier in the trading session, the highest since mid-March 2011, closing later at $3,407, or up 1.4%. Cocoa is currently among the hottest agricultural commodities, mostly due to an unusual fall in production in the western…

19 Jul

Cocoa Prices Hit Highest In 12 Years In New York

wontumionlineBusinessCocoa, Ghana, ivory coast, Price

Chocolate-making raw material cocoa’s prices rose to the highest in more than 12 years in New York on Tuesday, only a few weeks after its prices jumped to the highest in 46 years in London, as traders and chocolate producers face restricted supplies. Prices for the benchmark cocoa contract at the Intercontinental Exchange in New York rose to $3,429 per metric ton earlier in the trading session, the highest since mid-March 2011, closing later at $3,407, or up 1.4%. Cocoa is currently among the hottest agricultural commodities, mostly due to an unusual fall in production in the western part of…

04 Jul

Cocoa Hits Highest Price In 46 Years As Rot-Causing Disease Affects Output

wontumionlineBusinessCocoa

Cocoa soared to a 13-year high as heavy rain across West Africa accelerated the spread of a rot-causing disease, threatening output in some of the world’s biggest producers. Farmers in Ivory Coast, Ghana and Nigeria have reported signs of blackpod disease, which causes cocoa pods to turn black and rot. That may affect the quality or curb output of beans. The disease can be catastrophic for supply, according to Fuad Mohammed Abubakar, head of Ghana Cocoa Marketing Co. Both the output and quality of the mid-crop is likely to be disappointing compared to last year, said Maxime Godé, a farmer…

23 Jun

Major Cocoa Pricing Reform Looms

wontumionlineBusinessCocoa

African cocoa producers are working toward establishing an African Cocoa Exchange (AfCX) with the aim of reshaping pricing for cocoa on the global market – in a significant step to address the long-standing issue of limited influence over global cocoa prices, A stakeholder workshop organised by the International Cocoa Organisation (ICCO) was held in Accra, where members discussed the feasibility study of establishing the African Cocoa Exchange (AfCX). The AfCX will consist of four African countries – Ghana, Cote d’Ivoire, Nigeria and Cameroon – which contribute significantly to the global cocoa market. Joseph Boahen Aidoo, Chief Executive Officer (CEO) of…

19 Jun

Sale Of Cocoa Farmlands To Galamseyers: COCOBOD Says It Is Improving Condition Of Farmers

wontumionlineBusinessCocoa, galamsayers

The management of the Ghana Cocoa Board (COCOBOD) has said it is working to improve the condition of cocoa farmers to enable them to resist enticing offers from illegal small-scale miners (Galamseyers) from selling the farmlands to them. Head of Public Affairs of COCOBOD Stephen Fiifi Boafo told Johnnie Hughes on the Sunrise show on 3FM Monday June 19 that the temptation is what is driving the farmers to sell their lands to the galamseyers. Fifi Boafo indicated that day in, day out COCOBOD receives reports of people taking over cocoa farms and using the lands for illegal mining. “So day in and day out there…

19 Jun

GHS50k Offer To A Cocoa Farmer By Galamseyer To Sell Farm Lands Is Too Enticing – COCOBOD

wontumionlineBusinessCocoa, COCOBOD

The quantum of money usually offered to cocoa farmers by illegal small-scale miners (Galameyers ) is enticing and irresistible to the farmer, the management of Ghana Cocoa Board (COCOBOD) has said. Head of Public Affairs of COCOBOD Stephen Fiifi Boafo told Johnnie Hughes on the Sunrise show on 3FM Monday, June 19 that the cocoa farmer may not have seen in his entire life Ghs100,000 or GHS50,000 therefore when they are offered these amounts by the galamseyers, they are tempted to sell their lands without considering the effect of their decision. Addressing concerns of cocoa farmers selling their lands to illegal miners, Fifi Boafo told Johnnie…

13 Jun

Cocoa Prices Surge As El Nino Threatens Production Amid Ivory Coast Supply Concerns

wontumionlineBusinessCocoa

Cocoa prices experienced a further rally last week, due to growing concerns about the potential impact of an El Nino weather event on global cocoa production. Last Friday, cocoa prices reached their highest level in a month for nearest-futures contracts, building on the gains observed on Thursday due to worries about the El Nino weather event. It is worth noting that cocoa prices soared to a 12-year high in 2016 when a previous El Nino event caused a drought that severely affected global cocoa production. This is particularly significant as the Ivory Coast, the world’s leading cocoa producer, is already…

24 May

Gold, Cocoa Exports Up By 15.9%, 30.3% Respectively; Crude Down By 36.7%

wontumionlineBusinessCocoa, CRUDE OIL, Gold

The Bank of Ghana has said prices of Ghana's key exports remained volatile on the international commodities market. BoG Governor, Dr Ernest Addison told journalists at the monetary policy committee meeting that brent crude oil prices fell by 21.8 per cent on year-on-year basis to US$82.7 per barrel in April 2023, compared with US$105.8 per barrel in April 2022, mainly on the back of reduced demand amid fears of a recession. Cocoa prices, he said, remained "elevated during the first four months of 2023 driven mainly by lower production volumes from top grower Ivory Coast". At US$2,612.80 per tonne in January 2023, cocoa prices…