Chief Executive Officer of Dalex Finance, Mr Joe Jackson, has projected that the year 2025 will be more challenging than anticipated.
His comments come in the wake of reports that Ghana is cutting its cocoa harvest forecast for the ongoing season by 5%,
Multiple reports indicated that the cut was due to hotter-than-expected weather and insufficient rainfall. This is the second downward revision for the season, which began in September.
According to sources familiar with the matter, the revised outlook suggests a harvest of approximately 617,500 tons. In August, the Ghana Cocoa Board (COCOBOD) had already reduced its initial estimate by 20%, from 812,500 tons to 650,000 tons.
The downward adjustment comes on the heels of severe weather conditions, including the seasonal Harmattan winds that typically occur from December to February. These hot, dry winds have exacerbated the challenges faced by cocoa farmers, significantly impacting yields.
Commenting on this matter, Mr Joe Jackson wrote on his X page that “The second downward revision of the anticipated cocoa harvest increases the risk of further devaluation of the Cedi in the days ahead. It looks like 2025 will be even more challenging than anticipated.”
The second downward revision of the anticipated cocoa harvest increases the risk of further devaluation of the Cedi in the days ahead.
It looks like 2025 will be even more challenging than anticipated.#FastenYourSeatBelt #COCOBODMismanagement https://t.co/YMqcCPNcpD pic.twitter.com/MzMcSJxTll— Joe Jackson (@Joe_Jackson_GH) December 21, 2024
