Ghana 2016/17 cocoa purchases up 18.2pc to 807,221 T through May 4

ACCRA: Cocoa purchases declared to Ghana's industry regulator totalled 807,221 tonnes from the start of the 2016/17 season on Oct. 1 through May 4, up 18.2 percent on the season before, Cocobod chief executive Joseph Aidoo told Reuters on Tuesday.

The world's second biggest cocoa producer could exceed its revised output target of 850,000 tonnes by the end of the season. Cocobod aims to buy around 70,000 tonnes of beans in the light crop that starts on June 9, Aidoo said.

"The harvest has been good. We have favourable weather conditions boosting production and we are likely to exceed the 850,000 tonnes by the time we wrap up the crop," he added.

Total purchases for the week ending May 4, representing 31 weeks of the 33-week main crop, rose to 25,946 tonnes from less than 15,000 tonnes in the previous week, Aidoo said.

Cocobod has announced it would close the main crop harvest on May 18 for two weeks to allow buyers to prepare for the smaller light crop purchases that are discounted to local processing companies.

"We are excited about the potential of this year's light crop because the signs are that we'll have enough to go round the local factories," Aidoo said.

The government of President Nana Akufo-Addo has outlined plans to raise local processing of beans to 50 percent from around 35 percent currently.