Ghana Unlikely to Fulfill All Cocoa Contracts After Weak Harvest
- Nation may have to postpone some shipments to future seasons
- Crop harvest seen falling 24% below forecast of 850,000 tons
Cocoa pods hang from a tree on a farm outside of Kumasi, Ghana.
Photographer: Jane Hahn/Bloomberg
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Ghana, the world’s second largest cocoa producer, is unlikely to be able to fulfill some of its crop contracts for a second season, adding to prospects of a global shortage.
Farmers in the West African nation are expected to see the lowest output in 13 years in the season that ends next month, missing official forecasts by nearly a quarter, according to people familiar with the matter. The shortage is forcing the industry’s regulator to postpone 44,000 metric tons of cocoa shipments to future seasons as it isn’t able to deliver on current contracts, they said.