Cocoa bean purchases surge by 18% year-on-year in 2022/23 season

Ghana, the world’s second-largest cocoa producer, has reported a remarkable 18% increase in the purchase of graded and sealed cocoa beans since the start of the 2022/23 season, compared to the same period during the previous cocoa year. The data, which was released on 9 March 2023, showed that a total of 566,846 tonnes of graded and sealed cocoa beans were purchased in Ghana by the given date, up by 85,360 tonnes from the 481,486 tonnes recorded in the corresponding period of the 2021/22 cocoa season.

This is a significant development in the cocoa industry, as cocoa beans remain one of Ghana’s top exports and a key driver of its economy. The cocoa sector is a major source of employment for many Ghanaians, particularly in rural areas, and contributes significantly to the country’s Gross Domestic Product (GDP). The rise in the purchase of cocoa beans indicates a positive outlook for the sector and the country’s economy as a whole.

The increase in Ghana’s purchase of graded and sealed cocoa beans can be attributed to various factors. One of the main reasons for the increase is the favorable weather conditions in the country, which have led to a bumper harvest. The Ghana Cocoa Board, which is responsible for regulating the sector, has also implemented various policies and programs to support cocoa farmers and encourage production. These efforts have included providing inputs such as fertilizers and seedlings, as well as offering training and extension services to farmers.

Additionally, the government of Ghana has launched a series of initiatives aimed at improving the quality of cocoa beans produced in the country. These initiatives include the establishment of a national cocoa flavor laboratory and the promotion of good agricultural practices. These efforts have led to an increase in the demand for Ghanaian cocoa beans, particularly among premium chocolate manufacturers who prioritize high-quality beans.

The rise in the purchase of cocoa beans in Ghana is expected to have a positive impact on the country’s economy. The increase in production and exports is likely to result in higher foreign exchange earnings, which will boost the country’s reserves and support the stability of the local currency. The sector is also expected to create more employment opportunities and improve the livelihoods of cocoa farmers and their families.

The increase in the purchase of graded and sealed cocoa beans in Ghana is a positive development for the country’s economy and the cocoa sector as a whole. The rise in production is likely to have a ripple effect on the economy, including creating more employment opportunities, boosting foreign exchange earnings, and supporting the stability of the local currency. The sector’s positive outlook can be attributed to favorable weather conditions, supportive government policies, and efforts to improve the quality of cocoa beans produced in the country. As such, Ghana’s cocoa sector is well-positioned to continue playing a crucial role in the country’s economic growth and development.

Source: norvanreports