The International Cocoa Organisation (ICCO) says its forecast of 4.8 million tonnes will be achieved this year, despite production shortfall in Ghana.
ICCO’s Executive Director, Michel Arrion, made this assertion explaining that while Ghana’s current production estimate of 850,000 tonnes instead of the initial estimate of 900.000 tonnes due to swollen shoot disease and little rainfall is worrisome, it will not result in a major shortfall.
Arrion added that the reduced output from Ghana can be augumented by excesses in places like Ivory Coast. Also, this is the first part of the season and more data is being complied.
Ivory Coast is expected to produce 2.2 million tonnes this year. Coupled with Ghana’s effort of digging up and replanting defective trees. The problem there cease soon.
The ICCO is pleased with a sharp rise in global cocoa processing in the first quarter of 2019, driven by strong demand from the chocolate industry, Arrion said, forecasting that the trend will continue until the end of the cocoa season.