Ghana, which defaulted three years ago, is on track to hand investors the best dollar-bond returns in emerging markets in May, amid mounting confidence in the government’s handling of the economy. Dollar-denominated bonds for the gold and cocoa producing country delivered 8.7% in total returns this month, according to dataContinue Reading
The external sector outlook remains favourable, largely anchored on expectations of increased gold and cocoa export receipts, as well as inflows from remittances, the Bank of Ghana has revealed in its Monetary Policy Report. According to the Central Bank, the external sector has continued to improve, with a record provisionalContinue Reading
Heavy rains are needed in Ivory Coast to compensate for below-average rainfall last week and fortify the last stage of the April-to-September midcrop in the country’s main cocoa producing regions, farmers said on Monday. Ivory Coast, the world’s top cocoa producer, is in its rainy season, which runs officially fromContinue Reading
Ghana’s cocoa sector, a cornerstone of the nation’s economy, has been faltering over the years with cocoa output for the 2023/24 falling to its lowest since 2016. The Ghana Cocoa Board (COCOBOD), the state-owned entity tasked with managing the industry, is grappling with financial instability, prompting the World Bank toContinue Reading
Ghana, the world’s second-largest producer of cocoa, has seen its 2024 export earnings plummet to $1.7 billion—the lowest in 15 years. An analysis of data from the Bank of Ghana shows that cocoa export earnings have fallen below the $2 billion mark, representing a sharp 25.4% decline in just a year. This drop is largelyContinue Reading
Ghana’s gross international reserves increased by $US1.101 billion in December 2024 to hit US$8.982 billion. This is equivalent to 4.0 months of import cover. According to data from the Bank of Ghana, the country’s reserves stood at $6.31 billion in January 2024 but dropped to $5.99 billion in March 2024.Continue Reading
Four individuals, including a driver and his assistants, are currently in police custody for their alleged involvement in a cocoa smuggling operation at Kwahu Nketepa in the Afram Plains South District of the Eastern Region. The arrests were made by the National Anti-Cocoa Smuggling Task Force with the help ofContinue Reading
Farmers in some of Ivory Coast’s cocoa-growing regions are concerned about the impact of the strong Harmattan wind on the cocoa crop as it can dry the soil and harm cocoa pods. The seasonal Harmattan wind, which usually sweeps in from the Sahara Desert between December and March, was blowingContinue Reading
Global cocoa prices have skyrocketed in 2024, reaching unprecedented levels amid persistent supply shortages and adverse weather conditions. Key producers like Ghana and Ivory Coast, which account for approximately 60% of the world’s cocoa, are at the center of this global market turmoil. In April 2024, cocoa prices surged toContinue Reading
Gold produced in Ghana is primarily exported to four countries. According to the Trade Statistics Report from the Ghana Statistical Service, United Arab Emirates (40.1%) led the destination of gold export followed by Switzerland (30.1%), South Africa (22.2%), and India (6.8%). Together they accounted for 99.2% of gold export fromContinue Reading