Cocoa prices were generally bullish in the first four months of 2023, data from the Bank of Ghana has revealed.

This according to the Central Bank was driven by lower production volumes, higher grinding in top-grower Ivory Coast, and increased global demand.

Prices began the year at $2,539.86 per tonne in December 2022, and rose to $2,924.37 per tonne in April 2023, up by 15.2% year-to-date and 13.0% on year-on-year terms.

In the first four months of 2023, cocoa beans exports rose by 30.3% to $950.8 million, largely on the back of the increased volume of exports.

Crude oil prices trend downwards

Also, crude oil prices have broadly trended downwards since June 2022.

From $117.2 per barrel in June 2022, prices plunged to $81.3 per barrel in December 2022, before moving slightly up to $82.7 per barrel in April 2023.

Prices were pressured by concerns over the health of the global economy and prospects of oil demand, despite the announced production cut by OPEC+.

Gold remains strong

The report also said the price of gold has remained strong so far this year.

Spot gold started the year at $1,796.2 per fine ounce and surged to an all-time high $2,00.7 per fine ounce in April 2023. This represented a 3.4 percent year-on-year growth.

The gold price was supported by economic uncertainty, amid fears of recession, expectation of lower rate hikes as inflation eases, and the banking crisis in the U.S. and Europe.