According to the Bank of Ghana’s Commodity Price Outlook, cocoa prices are anticipated to fluctuate within the range of $4,882 to $4,922 per tonne in March 2024.
The forecast attributes this stability to tight supplies and adverse weather conditions in Cote d’Ivoire, posing a threat to the mid-crop year from April to September 2023.
Cocoa prices experienced a 4.9% increase in December 2023, reaching $4,235.6 per tonne. This surge was driven by tightening supplies and the anticipation of a third consecutive deficit in the current crop season.
The year-over-year comparison reveals a remarkable 66.0% spike in cocoa prices, primarily attributed to unfavorable weather conditions, the prevalence of black pod disease, and insufficient fertilizer supplies, collectively contributing to a weakened cocoa supply.
Source: Ghanaweb