Ghana's No1 Agric News Portal
Saturday, January 28, 2023
  • About Us
  • Advertise With Us
  • Contact Us
  • News
  • Farmers’ Stories
    • Women in Agriculture
    • PWDs in Agriculture
  • Business
    • Finance
    • Agri-Projects
  • Technology
  • Africa/World
  • Agri-Produce
    • Cash Crops
    • Food Crops
    • Livestock
    • Fruits & Vegetables
    • Fish Farming
  • More
    • Features
    • Opinions
    • Press Releases
    • Policies
    • Media
      • Podcast
      • Photos
      • Videos
No Result
View All Result
  • News
  • Farmers’ Stories
    • Women in Agriculture
    • PWDs in Agriculture
  • Business
    • Finance
    • Agri-Projects
  • Technology
  • Africa/World
  • Agri-Produce
    • Cash Crops
    • Food Crops
    • Livestock
    • Fruits & Vegetables
    • Fish Farming
  • More
    • Features
    • Opinions
    • Press Releases
    • Policies
    • Media
      • Podcast
      • Photos
      • Videos
No Result
View All Result
No Result
View All Result
Home Business

Political and demand woes as African cocoa harvest starts

October 5, 2020
in Business
0 0
49
Assinman Cocoa Farmers call for action to address deforestation
0
SHARES
61
VIEWS
Share on FacebookShare on Twitter

unknowns: the risk of political unrest disrupting supplies and the demand hit from COVID-19.

Bigger crops in West Africa would add to a global surplus at a time when consumption is under pressure from the pandemic. As the new season gets under way, focus is increasingly turning to Ivory Coast’s Oct. 31 presidential election, with sporadic protests breaking out since Alassane Ouattara said he’ll seek a controversial third term.

London cocoa futures hit a six-month high recently on concerns about unrest, before giving up some of the gains, and Rabobank International warned there’s potential for supply interruptions.

“There’s no doubt the Ivory Coast election is at the forefront of people’s minds,” said Jonathan Parkman, deputy head of agriculture at Marex Spectron Group. “The outlook for production is reasonably positive. I don’t think I can say the same for the outlook for demand.”

Here’s a recap of what to keep an eye on as the main-crop harvest gets under way:

Election Risk

At least a dozen people have been killed and many more injured since Ouattara announced in August he’ll run again, with opposition politicians calling for “civil disobedience” to block him from contesting the vote.

Elections have roiled the cocoa market before. Ivorian shipments were disrupted during a power struggle when Ouattara was elected following a disputed 2010 vote, which left thousands missing or dead and sent cocoa futures up about 20% in three months.

Weather Conditions

While recent rains prompted some worries about crop diseases, Ivorian farmers are generally happy with how trees have fared ahead of the main-crop. In Ghana, showers have eased a drought that threatened output.

A La Nina weather phenomenon could also lead to mild weather in West Africa and a weak Harmattan — the dusty winds from the Sahara that blow from December to February — creating favorable conditions for crops.

Supply Outlook

Top grower Ivory Coast should produce 2.2 million tons of cocoa in the season that starts Thursday, according to the median estimate in a Bloomberg survey of 10 traders, brokers and analysts. That compares with a 2.13 million-ton forecast by the International Cocoa Organization for the previous season.

In Ghana, the survey shows output will recover to 850,000 tons, helping to widen the global surplus to a four-year high of 200,000 tons. Processing beans into products used in confectionery is expected to rise 0.9%, although a wide range of responses highlighted the uncertainty over demand.

“Manufacturers are uncertain what holiday demand will bring,” said Judy Ganes, president of J. Ganes Consulting. “Chocolate is an impulse purchase and you don’t have people going into stores as frequently.”

Farmer Pay

Ivory Coast and Ghana are introducing a $400-a-ton premium on beans this season to boost farmers’ income. While better pay will improve conditions for growers and may help to sway voters in elections, there are worries that it will contribute to a market surplus as demand growth struggles to keep pace with potential production.

Ghana last week said it will raise its farmgate price by 28%, and Ouattara announced a 21% increase for Ivory Coast’s main-crop at a ceremony on Thursday to mark the new season. The country is also setting aside 355 billion CFA francs ($636 million) to support the new price.

The hike is possible “thanks to the cooperation between Ghana and Ivory Coast and the willingness of buyers to pay this price,” Ouattara said.

Source: Business and Financial Times (B&FT)

Please login to join discussion
  • Trending
  • Comments
  • Latest
I never used chemical fertilisers but I excelled – 2017 2nd National best farmer

Farming is the most Lucrative job – CEO of Okata Farms

June 6, 2020
Sugarcane farmers seek Gov’t support ahead of Sugar Factory reopening

Sugarcane farmers seek Gov’t support ahead of Sugar Factory reopening

June 12, 2020
The 2021 Livestock, Poultry, and Fisheries (LiPF) training trade show launched.

The 2021 Livestock, Poultry, and Fisheries (LiPF) training trade show launched.

March 6, 2021
2020 National Farmers’ Day Launched

2020 National Farmers’ Day Launched

September 29, 2020
The 2021 Livestock, Poultry, and Fisheries (LiPF) training trade show launched.

The 2021 Livestock, Poultry, and Fisheries (LiPF) training trade show launched.

12637
Resurgence of ‘fall armyworms’ – Farmers warned

Resurgence of ‘fall armyworms’ – Farmers warned

4425
New Agro Intervention Project Launched to Alleviate Poverty – Kintampo

New Agro Intervention Project Launched to Alleviate Poverty – Kintampo

3503
2020 National Farmers’ Day Launched

2020 National Farmers’ Day Launched

2587
Crops Research Institute signs MoU to improve cassava utilization

Crops Research Institute signs MoU to improve cassava utilization

January 18, 2023

GSMA AgriTech Accelerator Programme

January 18, 2023
Nine agribusiness ideas to consider in Africa in 2023

Nine agribusiness ideas to consider in Africa in 2023.

January 16, 2023
Ghana's excessive dependence on Donors for its agric production expenditure is threat.

Ghana’s excessive dependence on Donors for its agric production expenditure is threat.

January 16, 2023
Agri Ghana Online

Agrighanaonline.com is your most authentic agricultural website. We bring you all agricultural news and information from Ghana and across the world.

  • News
  • Farmers’ Stories
  • Business
  • Technology
  • Africa/World
  • Agri-Produce
  • More

© 2020 Agri Ghana Online -Developed By Marvbel Koncepts.

No Result
View All Result
  • News
  • Farmers’ Stories
    • Women in Agriculture
    • PWDs in Agriculture
  • Business
    • Finance
    • Agri-Projects
  • Technology
  • Africa/World
  • Agri-Produce
    • Cash Crops
    • Food Crops
    • Livestock
    • Fruits & Vegetables
    • Fish Farming
  • More
    • Features
    • Opinions
    • Press Releases
    • Policies
    • Media
      • Podcast
      • Photos
      • Videos

© 2020 Agri Ghana Online -Developed By Marvbel Koncepts.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In