Cocoa production in Ghana hits 3-year high

Ghana has recorded its biggest cocoa harvest in three years, as better weather conditions boosted output in the world’s second-biggest grower.

Cocoa harvests reached 812,153 metric tons by May 25, compared with a combined 778,043 tons for the whole of the 2015-16 season, when severe desert winds damaged crops and affected rainfall.

Cocoa output in Ghana has benefited this year from early rains and a mild harmattan. Prices for the chocolate ingredient have dropped more than 30 percent in London in the past year, as analysts predict a large global surplus for the season ending in September.

Ghana has reverted to counting production from its two annual harvests separately for the first time in three years. Main-crop purchases ended May 25 and the smaller light crop will be harvested between July and September.

 

Mazino.D/Bloomberg