News

Ghana seeks to delay cocoa deliveries due to lack of beans

Cocoa Bean
Cocoa Products
Ghana
Market & Price Trends
Published Apr 12, 2024

Tridge summary

Ghana is currently in negotiations with traders to postpone the delivery of 150,000 to 250,000 tons of cocoa to the next season due to a bean shortage, amidst a global supply crunch that has pushed cocoa prices to record highs. This shortage is primarily due to poor harvests in Ivory Coast and Ghana, the leading cocoa producers worldwide, potentially leading to further increases in chocolate prices. The Ghana Cocoa Board is discussing with major traders the possibility of rolling over deliveries initially scheduled for the main harvest ending soon, with some traders seeking significant discounts for the delay. This situation highlights the difficulties Ghana is experiencing in meeting its cocoa contracts and the overall impact on the global cocoa market.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

(April 11): Ghana is in talks with traders to postpone the delivery of at least 150,000 to 250,000 tons of cocoa until next season due to a lack of beans, in the latest sign of how a supply crunch is roiling the global market. The Ghana Cocoa Board, the regulator, is negotiating with major traders to roll over the delivery until sometime during the season that starts in October, according to five people familiar with the negotiations. The beans are supposed to be delivered during the main harvest that will end in the coming months, and some traders are asking for a big discount for the delay, two of the people said. The talks highlight the severity of the cocoa crisis that’s been caused by poor harvests in Ivory Coast and Ghana, the top growers, and which is threatening to further raise chocolate prices. Prices have surged to a record — topping US$10,000 (RM47,480) a ton — as the market faces another global deficit, and the scarcity of beans is making it harder for traders, ...
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