Ghana cocoa prices slid sharply in January as post-holiday demand softened and generous regional deliveries pressured FOB values. The Cocoa Board's delayed financing release prompted licensed buyers to accelerate deliveries to Tema and expand export-grade inventories, while inland logistics bottlenecks eased as arrears were settled. Mid-season rainfall supported pod filling and kept main-crop arrivals steady, with Ivory Coast deliveries running above typical seasonal averages and intensifying competition for overseas buyers. Holiday-driven grindings tapered, leaving spot enquiries thin and weighing on spot valuations at export terminals. End-user demand remained weak across confectionery, chocolate production, and European grinding throughput. On the supply side, inland flows increased and export-grade stocks rose, pushing silo utilisation toward the higher end of capacity by month-end. Bears were reinforced by expanded inventories and a sizeable global surplus outlook for the next cycle. Market sentiment points to a potential near-term rebound but with notable upside and downside risks driven by seasonal grinding patterns and exporter sales timing.
