Ghana cocoa purchases up 43 pct year on year

ACCRA (Reuters) - Declared purchases by private cocoa buyers to Ghana's industry regulator Cocobod reached 734,150 tonnes by March 17 since the start of the season in October, up 42.6 percent over the same period last year, industry data showed on Tuesday.

Ghana is the world's second-largest cocoa grower behind neighbouring Ivory Coast.

Some 7,544 tonnes of purchases were recorded during the most recent week, the 24th of the 33-week main crop, according to the data, marking a decline from 11,917 tonnes the week before.

Cocobod said this month it had raised its target for full-season purchases to 850,000 tonnes from 750,000, citing favourable weather and improved husbandry.

Analysts have said an escalating conflict in Ivory Coast could pad the Ghanaian purchases figures by spurring massive cross-border smuggling, though Ghanaian officials have said they have seen only limited volumes of smuggled beans so far.

Increased output from Ghana could help offset supply losses from Ivory Coast that have raised fears of tight supply and have pushed up cocoa futures prices.

(Source: http://af.reuters.com/article/investingNews/idAFJOE72S0BZ20110329)