Ghana opens cocoa light crop season, price unchanged at 7,600 cedis/tonne

ACCRA: Ghana's Cocobod will open its cocoa light crop purchases on Friday, maintaining the price it pays farmers at 7,600 cedis ($1,407) per tonne, the regulator said on Wednesday.

The world's second largest cocoa exporter after Ivory Coast runs a two-cycle cocoa season consisting of the main crop which is mainly exported and the light crop harvest, discounted for local grinders.

The producer price will be 228 cedis for a 30-kg bag, 475 cedis for 64 kg, and a tonne in 16 bags equalling 7,600 cedis, Cocobod said in a statement.

The light crop usually lasts for 11 weeks.

Ghana and top grower Ivory Coast are trying to use their market dominance to get international buyers to pay a higher price for their cocoa, which has been depressed by oversupply in the last few years. Buyers agreed last Wednesday to their demand of $2,600 per tonne.