Ghana to Delay Cocoa Deliveries Amid Skyrocketing Prices

Ghana, the world's second-largest cocoa producer, plans to delay the delivery of up to 350,000 tons of beans to the next season due to poor crops, worsening the global chocolate industry's outlook, Reuters reported.

Cocoa prices have more than doubled this year following poor harvests in Ghana and Ivory Coast.

Cocoa prices have more than doubled this year following poor harvests in Ghana and Ivory Coast.

Cocobod, Ghana's cocoa regulator, confirmed some volume rollovers but not the full 350,000 tons. Ghana's crop has been affected by adverse weather, bean disease, and illegal gold mining, with additional smuggling to neighboring countries exacerbating the issue.

Ghana pre-sold approximately 785,000 tons for the 2023/24 season but will likely deliver only 435,000 tons.