The globe's second-largest grower of cocoa is targeting production levels of 1.1 million metric tons of the soft commodity for the 2011-2012 harvest, according to an official at the nation's cocoa board.
Bloomberg reports production of cocoa in Ghana will reach the 1 million ton mark by the end of the 2010-11 season earlier than expected, according to Kwabena Asante-Poku, deputy chief executive officer of the Ghana Cocoa Board.
"Next year we aim for 1.1 million tons, but if the weather is on our side, it can be more at 1.2 million tons," he told Bloomberg. "The cocoa farms currently yield about 400 kilograms per hectare, but Cocoa Board's target is to increase it to 1,000 kilograms by 2015."
The kilogram figure he cited is equal to about 2,204 pounds and one hectare equals 2.47 acres.
At 2 p.m. on Thursday, cocoa futures dropped 1.98 percent, a $61 drop to $3,027 per metric ton.
In the Ivory Coast, the globe's top producer of cocoa, The Associated Press reports the political party of Laurent Gbagbo is planning to return to Abidjan. Gbagbo was president for 10 years before losing to Alassane Ouattara last November.
Gbagbo refused to cede power, was ultimately apprehended by U.N. and French peacekeepers in April, and charged last week with corruption counts.
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