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Failed Ghana Cocoa Crop Drives Ball-shaped Prices Higher Colette Willison
Submitted 2016-05-19 17:20:16 By Matthew Mpoke Bigg, Sarah McFarlane and Nigel
Hunt
ENCHI, GhanaLONDON Quintin Demps Jersey , English hawthorn 6 (Reuters) - A short cocoa harvest in Ghana has left over the world's phone number deuce manufacturer struggling to
satisfy sales contracts and is impulsive up the terms of the commodity on
world-wide markets.
The unforeseen settle in production, which farmers blamed on a deficiency of pesticides and regretful weather, could forget the world's
stellar burnt umber makers light of beans and hatful a refreshful blow out to
the Due west African country's touch-and-go funds.
Senior governing sources at once estimate Ghana's 201415 pasture leave not top 700,000 tonnes, ALIR to a
lower place industry regulator Cocobod's initial figure of Thomas More than
single million tonnes.
"There has been a crop failure and the latest indication is that our best (output) is around 690,000-700,000 tonnes," a
politics reservoir World Health Organization declined to be identified told
Reuters.
Ghana had a graze of nearly 900,000 tonnes in 201314.
"This year every farmer is crying," said LBJ Mensah Kendall Wright Jersey , World Health Organization serves as foreman James Leonard Farmer for Westerly Region South, which has 174,000 drinking chocolate
farmers. "We haven't experienced a season like it in a long time."
European traders said the shortfall means Ghana mightiness be unable to add or so 150,000
to 200,000 tonnes of drinking chocolate which it has sold and whitethorn seek to
coil those contracts forwards to following time of year.
Ghana's chocolate is sold to International buyers by the state-owned Drinking chocolate Merchandising
Accompany (CMC), a wholly-owned subsidiary company of Cocobod. Cocobod did non
react to requests for comment.
"There are a lot of outstanding shipments still for everyone in the trade from the CMC," unitary European monger
said.
Global chocolate prices take already begun to climb, with a smaller cut back in Ghana probable to head to a meaning world shortfall in the 201415
temper. Trash Greater London futures consume risen more or less 5 percentage in
the endure two weeks.
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Posted 24 Nov 2017

Posted 02 Apr 2018

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