Ghana may surpass anticipated 1.1m tonnes of cocoa production

Ghana may surpassed the anticipated 1.1 million tonnes of cocoa production for the 2020/2021 crop season which closes next month.

This will be about 45% increase over the previous year production of about 750,000 tonnes.

Joy Business sources at COCOBOD indicate that the nation might even record more than the 1.1 million tonnes of cocoa if the light crop season underway goes as planned.

The bumper harvest Joy Business gathers was far achieved even before the main crop season ended in June.

Joy Business understand that there are too many cocoa beans produced this year as some of the Licensed Buying Cocoa Companies particularly the smaller players have exhausted their seed fund, provided by COCOBOD for purchases of cocoa beans.

In the Wassa Amenfi to the Sewfi areas in the Western North region, to parts of Ashanti and Bono Ahafo regions, there have been abundant of cocoa beans harvested by cocoa farmers. 

The impressive outing which will be the first since the 2009/2010 crop season where the country recorded a little above a million tonnes of cocoa beans has been attributed to favourable and good policies by the present COCOBOD administration.

Some of the policies include “The Living Income Differential” which has raised income of cocoa farmers.

This performance will boost exports and the country’s gross international reserves and impact the cedi as well.

The nation had earlier forecast 900,000 tonnes of cocoa beans production for this crop season.

Together with Ivory Coast, the two nations control about 70% of the world’s cocoa market.

Source: Joy News