In an attempt to attract high prices for cocoa on the international market, the Ghana Cocoa Board (COCOBOD) and its counterparts in other cocoa producing countries, have agreed to increase annual output of the commodity within the next couple of years while improving local consumption.

This is to ensure that the quantum of the commodity that is exported to the international market is reduced to warrant an appreciation in the price.

According to Dr Yaw Adu Amponsah, Deputy CEO of COCOBOD, who explained the move to journalists in Accra, the regulator of the cocoa industry was stepping up efforts to engage cocoa companies, as well as government agencies associated with cocoa consumption, to promote local consumption of the commodity.

He indicated that all members of the Alliance of Cocoa Producing Countries (COPAL) had resolved to get the best price for the commodity on the world market henceforth.

Originally established in 1962, COPAL’s members included Ghana, Nigeria, Brazil, Ivory Coast and Cameroon, among others.

Dr Amponsah further said: “If the cocoa stock levels go high, the prices come down. Therefore, if cocoa-producing countries encourage local consumption of the commodity, the stock levels get reduced and the general price levels tend to appreciate because of the quantum of export.”

But currently the membership has increased to 10, with the new members being the Dominican Republic, Gabon, Malaysia, Sao Tome and Principe and also Togo. The member countries of the Alliance account for approximately 75 percent of total world cocoa production.

COCOBOD projected an annual production target of 850,000 metric tonnes of cocoa beans for the 2012/2013 crop season.

This was after it signed a $1.5 billion loan agreement with 31 local and international banks for cocoa purchases in the upcoming season.

The production target remains unchanged and 250 thousand tonnes short of the historic 1 million tonnes production in the 2010/2011 season.

“Our target is to buy about 850,000 tonnes in the coming season, both main and light (crops),” COCOBOD spokesman Noah Amenyah said.

Ghana produced a record one million tonnes of cocoa a couple of years back buoyed by good weather and improved farming techniques, but has seen output slip.

The daily price of cocoa per tonne as quoted by the International Cocoa Organisation (ICCO) as of May 2, this year was US$2425.43.