Cocoa farmers in Ghana are holding onto their beans in anticipation of a price increase, according to industry sources. This move could tighten supply in a global cocoa market still reeling from last season’s poor harvests. Ghana is the world’s second-largest producer of cocoa.
Although the extent of the stockpiling remains uncertain, farmers, buyers and officials from Ghana’s state cocoa regulator have reported widespread holding practices. Many in the industry believe this has contributed to a notable slowdown in cocoa bean purchases.
The hoarding comes as global demand for cocoa looks to recover from production challenges. Farmers are hoping for better pricing, which they believe could materialize due to current supply pressures and last year’s disappointing crop yields.
