According to data from Ghana’s cocoa marketing board COCOBOD, the country’s graded and sealed cocoa purchases since the start of the 2023/24 season on September 1 stood at 412,833 metric tons as of May 23. This represents a 33.7% decline from the 623,109 tons recorded by the same point last season.
Graded and sealed cocoa refers to the product that has undergone quality checks and been sealed in bags by COCOBOD, making it ready for shipment.
The poor harvests in Ghana, the world’s second-largest cocoa producer, as well as in its West African neighbor Ivory Coast, the global leader, have led to a significant surge in global cocoa prices this season.
Ghana’s main crop harvest typically begins on October 1, but it was moved forward by one month this season in an effort to combat bean smuggling. This means the 2023/24 figure includes an additional month of purchases compared to the previous season.
Despite the early start, light crop production is expected to reach between 25,000 and 35,000 tons, a significant increase from the 15,000 tons recorded last year, according to COCOBOD and exporters.
However, the overall 2023/24 cocoa season is expected to finish with a total production of around 450,000 tons, well below COCOBOD’s initial forecast of 800,000 tons for this season.