The price of cocoa continues to increase this year to the advantage of the Ghanaian economy. In the first four months of 2023, cocoa prices increased by $384.51 per tonne, an increase of 15.2 per cent, data from the Bank of Ghana (BoG) has revealed.
In December 2022, prices were $2,539.86 per tonne. These prices rose to $2,924.37 per tonne in April 2023, up by 15.2 per cent year-to-date and 13.0 per cent year-on-year.
This feat was attributed to lower production volumes in top-grower Ivory Coast, higher grinding in that country, and increased global demand.
BoG added, “In the first four months of 2023, cocoa beans exports rose by 30.3% to $950.8 million, largely on the back of increased export volume.”
On gold, the report also said gold prices have remained strong this year. In April 2023, spot gold surged to an all-time high of $2,00.7 per fine ounce from $1,796.2 per fine ounce at the beginning of the year. This represented 3.4 per cent year-on-year growth.
The gold price was supported by economic uncertainty, amid fears of recession, expectation of lower rate hikes as inflation eases, and the banking crisis in the US and Europe.
Also, crude oil prices have broadly trended downwards since June 2022. From $117.2 per barrel in June 2022, prices plunged to $81.3 per barrel in December 2022, before moving slightly up to $82.7 per barrel in April 2023.
Prices were pressured by concerns over the health of the global economy and prospects of oil demand, despite the announced production cut by OPEC+.
These remarkable gains made by the Ghana COCOBOD follows it commitment to improving the living standards of farmers through the planting of various productivity and income-driven initiatives geared towards building a robust cocoa sector.
The initiatives include hand-pollination, applying fertilisers, weeding and disease control, Cocoa Rehabilitation Programme, which help boost pod production per tree and the Cocoa Farmers Pension Scheme (CFPS).
