Ghana lost 160,000 tons of cocoa to smuggling in 2023/24, says Cocobod

Published 2024년 9월 16일

Tridge summary

Ghana has lost over a third of its 2023/24 cocoa production to smuggling due to low local prices and delayed payments, according to a senior official at the Cocoa Marketing Board (Cocobod). Poor harvests in Ghana and Ivory Coast have led to a supply deficit, increasing global cocoa and chocolate prices. Smuggling networks, offering higher prices, have become more sophisticated, with significant quantities of cocoa being trafficked to neighboring countries. Ghana's production has significantly dropped, and the government is deploying the military to combat smuggling. The country has also introduced a new financing model and increased gate prices to discourage smuggling.

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Original content

By Maxwell Akalaare Adombila ACCRA (Reuters) - Ghana has lost more than a third of its 2023/24 cocoa production to smuggling, a senior official at the Cocoa Marketing Board (Cocobod) told Reuters, as low local prices and delayed payments prompt some farmers to sell to increasingly sophisticated trafficking networks. Poor harvests in Ghana and Ivory Coast, the world’s second and largest producers, have pushed markets into a supply deficit, pushing up global cocoa and chocolate prices this year. But cocoa is more expensive in Ivory Coast and Togo than in Ghana due to the more stable CFA franc currency and a less regulated sector. Ghana produced 429,323 metric tons of cocoa through the end of June since the season began in September, less than 55% of the average for the same period in previous seasons and putting 2023/24 production on track for its biggest drop in more than two decades. Charles Amenyaglo, director of special services at Cocobod, which leads the council’s ...

Source: NoticiasAgricolas