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

Ghana has lowered its cocoa harvest forecast for the second time this season, reducing it by 5% to 617,500 tonnes due to warmer temperatures and rainfall shortages, making it the world's second-largest producer's latest supply challenge. This follows a 20% reduction in the forecast to 650,000 tonnes in August. The adverse weather conditions, including hotter-than-expected temperatures and Harmattan winds, have contributed to a series of poor harvests in West Africa, leading to a third consecutive supply deficit and driving cocoa prices to near record highs, posing risks to chocolatiers and consumers.

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 ...