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ACCRA, Jan 7 (Reuters) - Ghana’s cocoa purchases fell in December due to election-related delays in payments from the state marketing board and reduced financing for exporters, farmers and buyers told Reuters, expressing concern that the delays could fuel smuggling. Cocoa prices hit record highs last year because of poor harvests in the world’s two biggest producers, Ivory Coast and Ghana. While West Africa has seen some recovery this 2024/25 season, markets still expect potential supply disruptions. Ghana’s marketing board, Cocobod, switched from a three-decade-old marketing model to a new system this season where global traders and buyers are largely responsible for financing and bringing in much of the cocoa crop. They are then reimbursed when Cocobod pays for the beans. However, sources at licensed cocoa buyers (LBCs) said the Dec. 7 election, won by opposition candidate and former president John Dramani Mahama, had disrupted the new system due to uncertainty surrounding the ...

Cocoa and coffee are set to end 2024 as the top-gaining commodities for the second year in a row, taking advantage of a global supply deficit, while steelmaking coal will be the worst performer, hurt by China’s slow growth. Looking ahead, global trade tensions are likely to dominate the commodities landscape in 2025, with Donald Trump’s return to the White House threatening hefty tariffs, analysts said. A strong dollar and gold’s appeal as a safe haven for investors are likely to support precious metals prices, while ample supply could depress oil for a third straight year, they added. The bad news for chocolate lovers is that cocoa has nearly tripled in price over the course of 2024, far outpacing gains in other commodities. The contract hit a record high of $12,931 per metric ton in New York earlier this month on forecasts of a fourth consecutive supply crunch.

Cocoa prices fell on Friday, weighed down by massive fund liquidations in weak year-end markets. The ICE NY March contract fell 905 points (-8.21%), while the ICE London contract fell 994 points (-10.88%). This decline was exacerbated by profit-taking amid high export volumes by major producers such as Ivory Coast. Recent data shows that Ivorian farmers shipped 970,945 tonnes of cocoa between October 1 and December 15, marking a 30% increase compared to 744,967 tonnes in the same period last year. Meanwhile, Nigeria, the world’s sixth-largest producer, also increased its exports in November, registering a 35% increase to 38,015 tonnes. Despite the downward pressure, weather conditions in West Africa remain a concern for the market. Recent warnings from Maxar Technologies indicate that prolonged drought in the region is hampering development