Ghana cocoa purchases up 56.7 pct, main crop ending

ACCRA (Reuters) - Cocoa purchases declared by private buyers to Ghana's Cocobod industry regulator hit 846,385 tonnes by May 5 since the start of the season in October, data from industry regulator Cocobod showed on Tuesday.

The purchases, which covered the first 31 weeks of the 33-week main crop, were up by 56.7 percent above those at the same stage last year.

Cocobod has twice reviewed its purchases target for the season as volumes have soared. In the latest forecast, Cocobod deputy head Yaw Adu-Ampomah told Reuters last week the body aims to buy between 900,000 and 950,000 tonnes this year.

Ghana's official output last year was 632,000 tonnes.

Total purchases for the week to May 5 were 23,652 tonnes, slightly down from the week before, the data showed.

The main crop season officially closes on May 19, but buyers will have until May 26 to finalise purchases, according to Cocobod. Adu-Ampomah said the light crop could be as high as 100,000 tonnes.

Some analysts say Ghana's volumes have been topped up by smuggling from neighbouring top grower Ivory Coast, which was gripped by months of instability. But Ghana's authorities say the leap is due to better techniques by Ghana's farmers.

(Source: http://af.reuters.com/article/investingNews/idAFJOE74G09120110517)