Worsening weather conditions in Ivory Coast have sparked projections of an imminent deficit in the global supply of cocoa, a situation analysts are predicting to be positive for Ghana's cocoa industry.
Ghana set to benefit from Ivory Coast slump in cocoa production
Analysts have forcasted a 100,000 tonne- reduction in Ivory Coast's production of cocoa in the coming season, a major disappointment in the country after last season's bumper harvest.
According to analysts, Ghana can take advantage of the imminent shortfall in coca production in the country if it is able to rebound production capacity as planned.
Analysts have forcasted a 100,000tonne- reduction in Ivory Coast's production of cocoa in the coming season, a major disappointment in the country after last season's bumper harvest. This could present a unique opportunity for Ghana to bridge the gap in the expected shortfalls in supply.
Although Ghana failed to meet supply targets last year, there are positive expectations that the country will be able to meet its targets this year and even go on to pluck the expected shortfall in global supply of beans.
Cocoa production is expected to recover between 850 000 tonnes to 900 000 tonnes in the upcoming crop season. Ghana may be affected by the imminent bad weather, but the mechanisms put in place to make up for 2014's shorfalls are expected to plummet the country into a much better position next year.
Meanwhile COCOBOD has revealed that the purchase of cocoa beans for the 2014/2015 crop season will end on Wednesday 30th of September, 2015. This will give way for purchases of the next season to start.
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