Government is optimistic that cocoa production in the 2015/2016 crop season will be enhanced by an improved supply of inputs to farmers and expectations for favourable weather.
This is likely to impact positively on the global cocoa market, which is expected to record a marginal surplus during the crop season.
The country is the world second major cocoa producer after Cote d’Ivoire.
“The market is projected to register a small surplus in the 2015/16 season on account of a rebound for production in the country, due to greater use of inputs and expectations of better weather,” said Finance Minister Seth Terkper.
He attributed the projected surplus to weak growth in global demand for cocoa next year, as grinding margins remain poor.
Cocoa prices rose in the second quarter of 2015 as a result of weather-related supply shortfalls in Ghana, but demand remains strong.
The prices are expected to peak in 2015 before lowering at the beginning of 2016 to the end of the forecast period in 2019, according to the Business Monitor International report published in October.
Terkper said earnings from cocoa beans and products exports amounted to US$1,921.7million in September, 2015, which was almost the same as was realised in the same period of 2014.
The earnings from cocoa beans were US$1,340.4million, after the price rose by 22.2 percent to US$2,990.9 per tonne while exports declined by 21 percent to 448,148.4 tonnes.
“Total value of merchandise imports for the first nine months of 2015 amounted to US$10,091.1million, down by 6.3 percent representing US$682.5million,” Terkper said.
“The decline was due to a drop in the importation of oil and gas.”