- Ivory Coast: Cocoa exports have been temporarily suspended for June due to crop shortages from poor weather and high fertilizer costs. Production is projected between 450,000 to 500,000 tonnes, down from 550,000 last year. Major processors may need to source cocoa elsewhere, and 40 cooperatives have been suspended for suspected stockpiling. A new marketing overhaul, removing intermediaries and adding traceability, is expected by October 2024.
- Nigeria: Cocoa export revenue soared 279% in Q1 2024 year-over-year due to a 130% increase in global cocoa prices. However, production capacity faces challenges from underinvestment and structural issues.
- Ghana: Facing a severe cocoa crisis with poor crop yields and delays, Cocobod may miss delivering up to 350,000 tonnes of beans this season due to crop conditions and illegal mining. Projected deliveries are down significantly from the forward-sold 785,000 tonnes.
- Global Impact: Supply challenges in top cocoa producers like Ivory Coast and Ghana, alongside Nigeria’s booming revenue, are straining the global cocoa supply chain. These regional issues could drive up prices and impact the global chocolate industry.
For more details, visit CropGPT.
