Ghana industry regulator Cocobod bought 622,862 tonnes of cocoa by May 28, or 37 weeks of the 38-week 2008/09 main crop season, down around 3.6 percent on the previous year, an industry source said on Monday. Total purchases for the 37th week were 5,356 tonnes, down from 7,666 tonnes in the previous week, the source said. The cumulative figure compares to 646,317 tonnes published by Cocobod for the same period a year earlier.
Cocobod, which buys cocoa from private intermediaries in Ghana's semi-liberalised marketing system, has forecast a crop of 650,000 tonnes for 2008/09. The forecast included 600,000 tonnes from the premium main crop, which is mainly exported. Full-year declared purchases to the Cocobod at the end of the 2007/08 crop year were 680,384 tonnes, of which just 16,826 tonnes came from the light crop - the lowest in five years.
Cocobod has yet to confirm its projection for the upcoming light crop, which is harvested in September, but the source said it could yield more than the 50,000-tonne pre-season forecast. "The indications are this year's light crop will be much better than what was purchased last year. So far the weather has been favourable and if it remains this way, we will have a good crop," the source told Reuters, but declined to give details.
The world's No 2 cocoa producer opened the new season on September 12, several weeks earlier than normal, and raised the producer price by one third to 1,632 cedis per tonne as part of efforts to stem smuggling to neighbouring Ivory Coast. Ghana's cocoa generally attracts higher prices than other origins because of its high quality.
Yearly cocoa output has averaged 670,000 tonnes in the last five years, and the country has set out an ambitious plan to raise production to 1 million tonnes by 2010/11 through increased fertilisation, improved farming practices, and ensuring good revenues for growers.
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