Ghana cuts 2024-25 cocoa harvest forecast due to weather concerns

Ghana cut its cocoa harvest forecast for the second time for the season that began in September, the latest setback to supply in the world's second-largest producer that risks fueling yet another price surge that has hit chocolatiers and consumers alike. The country cut its forecast for the season by 5% following recent on-the-ground crop surveys, according to people familiar with the matter. This would suggest a harvest of around 617,500 tonnes, after the country already reduced its harvest expectation by 20% to 650,000 tonnes in August this year. Warmer-than-expected weather and a lack of rain are the reason for the review, the people said, declining to be identified because the information is private. Harrmattan's hot and dry seasonal winds, which set in from December to February, also hurt cocoa prospects, they said. Prices soared earlier this year as poor harvests in West Africa – the main producing region – plunged the world into a third consecutive supply deficit. After ...