The Bank of Ghana is forecasting a supply deficit for the cocoa market in the ongoing 2021/22 season with cocoa prices forecast to average about $2,450 in 2022, before increasing to $2,500 in 2023.
The outlook, it said, stems from some production challenges in Ghana notwithstanding good production prospects in the largest grower, Côte d’Ivoire.
In its July 2022 Monetary Policy Report, the Central Bank said crude oil price will average $108 per barrel.
“Analysts project crude oil prices to average about $108 per barrel for the second half of 2022, lower than current prices.”
“The main headwinds include low oil inventories and the sanctions imposed on Russian oil, which are set to come into force at the end of the year”, it added.
It also pointed out that gold is projected to stabilise around $1,880 per fine ounce in 2022, before falling to $1,700 per fine ounce in 2023.
“Weighing on the outlook for gold is the effect of a stronger U.S. dollar”, it added.
Commodity Price Trends
Cocoa futures suffered its fourth consecutive loss into the month of June 2022.
The bean closed the month at $2,428.38 per tonne, compared to the $2,484.48 per tonne recorded in the month of May 2022, representing a monthly loss of 2.3%.
Ample rain and good soil moisture in most cocoa-growing regions created sentiments of higher crop output. From January to date, the bean has lost 2.16% in prices.
Also, Brent crude oil gained 5.1% to settle at an average price of $117.22 per barrel in June 2022, compared to $111.55 per barrel in the previous month.
Rising U.S. gasoline demand and tight oil supplies from OPEC contributed to the gain.
From January to date, the crude oil price has gained 56.71%. Compared to same period last year, crude oil prices have increased by 59.82%, owing mainly to the geopolitical tension between Russia and Ukraine.
Elsewhere, spot gold inched lower for the third consecutive month into June 2022.
It lost about 0.7% to end the month at $1,837.07 per fine ounce, compared to $1,849.50 recorded in May 2022.
From year to date, the metal has gained 0.10%, but 2.58% year-on-year.
- Police arrest man flogging toddler in viral video
- Daddy Lumba opens up on being bedridden for over 5 years
- Government increases cocoa price by 21% to ¢800 a bag
- Black Sherif releases ‘The Villain I Never Was’
- ‘Akufo-Addo must resign; he’s giving us too much headache’ – Kpebu
- Residents of Ashalaja sleep in kiosks as their homes remain flooded
- Ghana’s debt to GDP is not properly accounted for – Ato Forson
- Suicide is never an option – Funny Face
- Stella Gyimaah Larbi adjudged overall best teacher for 2022
- IMF won’t lend to Ghana if debt levels are unsustainable – Theo Acheampong
- Daniel Afriyie Barnieh to run down Hearts contract as he rejects new deal
- 281 artisans pass out as certified electricians in Ashanti region
- Government records fiscal deficit of 6.4% as of September 30, 2022 – BoG
- Brother stands in as groom skips wedding to train
- Cedi loses 37.5% in value to dollar as of September 30, 2022 – BoG
- 51 GrEEn SMEs receive over ¢1.3m total matching grant to expand their business
- Banks profit-before-tax grows 25.2% to ¢6.1bn
- Kanye West wants Jamie Foxx to play him in a movie
- Black Sherif’s ‘Soja’ debuts on Billboard’s US Afrobeats Chart
- Road Minister sorry for ‘worst’ roads in region
- NPP sets Legal Directorate; appoints Gary Nimako as director
- Economic activity moderate as construction, port activities slowdown – BoG
- ‘Black Sherif’s album will do better than Shatta Wale and Sarkodie’s album’ – Bullgod
- WHO alert over India-made cough syrups after deaths in The Gambia
- GNAT laments delay in release of SSNIT, Tier 2 pension contributions