Ghana Cocoa Buying From Farmers Increased 52% in Marketing Season So Far

Cocoa purchases in Ghana, the world’s second largest producer of the beans, increased 52 percent in the first fourteen weeks of the marketing season, according to a government official with access to the information.

Companies licensed by Ghana Cocoa Board to purchase the beans from farmers bought 625,570 metric tons up to Jan. 6, compared with 411,252 tons in the same period a year earlier, the data showed. The official declined to be identified because the figures are confidential.

Purchases during the week ended Jan. 6 increased to 25,045 tons from 17,769 tons in the 14th week of the 2009-10 season, the data showed. Ghana borders Ivory Coast, the world’s biggest producer of the chocolate ingredient.

Cocoa for March delivery rose 2.5 percent to $3,178 a ton in New York yesterday, bringing its gain so far this year to 4.7 percent.

(Source: http://www.bloomberg.com/news/2011-01-21/ghana-cocoa-buying-from-farmers-increased-52-in-marketing-season-so-far.html)