Ghana slashes cocoa harvest forecast for the second time amid adverse weather conditions

Ghana, the world’s second-largest cocoa producer, has reduced its cocoa harvest forecast for the ongoing season by 5% due to hotter-than-expected weather and insufficient rainfall.

This marks the second downward revision since the season began in September. The revised estimate now stands at approximately 617,500 tons, down from the initial projection of 812,500 tons.

The seasonal Harmattan winds and severe heat have significantly impacted yields, adding to the challenges faced by farmers. These supply concerns have driven cocoa prices higher, with New York futures climbing over 7% this week, nearing record highs of $13,000 per ton.

Weak harvests in West Africa have also contributed to a global cocoa supply deficit for the third consecutive year.

The Ghana Meteorological Agency warns of intensified heat waves in the coming year, further complicating agricultural conditions.

Despite the setbacks, Ghana’s 2024-25 cocoa harvest is expected to surpass last season's output of 480,000 tons, according to the International Cocoa Organization.