COCOBOD’s downward revision of cocoa harvest to put cedi at further risk – Joe Jackson

The Chief Executive of Dalex Finance and a finance expert, Joe Jackson, has projected that the Ghana cedi faces further risk as the Ghana Cocoa Board revises cocoa harvest in 2025 downwards.

According to him, the cedi will be further devalued if harvests go down.

Reacting to the COCOBOD’s decision to revise the cocoa harvest for the 2024/2025 cocoa season, he said: “The second downward revision of the anticipated cocoa harvest increases the risk of further devaluation of the Cedi in the days ahead.”

Joe Jackson also projected that the incoming year may be difficult and more challenging than anticipated.

“It looks like 2025 will be even more challenging than anticipated. #FastenYourSeatBelt #COCOBODMismanagement,” he wrote on X.

The Ghana Cocoa Board has for the second time this year revised its cocoa harvest projection for the 2024/2025 season by 5%.

The regulator of the Ghana cocoa sector said this is because of unfavourable weather conditions and insufficient rainfall.

According to norvanreports.com, the revised outlook suggests a harvest of approximately 617,500 tons.

An earlier revision was made in August to reduce its initial estimate by 20%, from 812,500 tons to 650,000 tons.

Harmattan and the dry season are usually unfavourable for cocoa farmers and may lead to lower yields.

SSD/OGB

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