In the latest quarterly bulletin of Cocoa statistics for August 2022, the International Cocoa Organisation (ICCO) revised its estimates for the 2021/22 Cocoa year. Figures for the world production, grindings and stocks of Cocoa beans were revised in the recent issue, which reflects the most up-to-date information available to the Secretariat as of August 2022.
Most notably, the forecasted global deficit, previously set at 174,000 tonnes, has now risen to an estimated 230,000 tonnes. The primary cause of this deficit increase is attributed to Ghana’s steep decline in production, which dropped from a previous forecast of 800,000 tonnes down to 689,000 tonnes.
The drastic decline in Ghana’s Cocoa production is the key driver of the current season’s global supply shortfall.
ICCO
Ghana, together with Côte d’Ivoire, accounts for approximately 60% of the global Cocoa supply.
The poor performance of Ghana’s crop was slightly offset by the upward revisions in other cocoa-producing countries;
- Cameroon (290,000 tonnes up from 280,000)
- Nigeria (280,000 tonnes up from 270,000)
- Brazil (220,000 tonnes up from 210,000), and
- Peru (160,000 tonnes up from 150,000).
Côte d’Ivoire’s forecasted production remains unchanged at 2.2 million tonnes.
ICCO’s report showed that global grindings in 2021/22 were up by 23,000 tonnes from the previous forecast, currently sitting at 5.07 million tonnes.
Cocoa demand has held up on multiple fronts despite rising input costs, including high energy costs, supply chain issues and increases in interest rates among others.
ICCO
