Cocoa Farmers in Ghana Hoard Beans Amid Price Hike Anticipation.
Cocoa farmers in Ghana, the world's second-largest cocoa producer, are currently hoarding beans in anticipation of higher prices, as confirmed by industry sources to Reuters. This trend of stocking beans may impact the global cocoa supply, which is still recovering from a challenging harvest season.The extent of this hoarding remains unclear, but multiple farmers and officials from the state regulator Cocobod have noted a slowdown in bean purchases due to this practice. One farmer shared, “I have more than 300 bags, but I won’t sell. I will only sell after Christmas,” reflecting a collective hope that prices will rise.This behavior seems to stem from remarks made by Vice President Mahamudu Bawumia, who suggested a potential increase in prices for farmers. Although Bawumia later clarified that there would be no price adjustment unless there is a significant price disparity with neighboring […]
