Cocoa farmers in the world’s number two producer Ghana are hoarding beans in anticipation of higher prices, industry sources said, potentially squeezing supplies to a global cocoa market looking to recover from last season’s disastrous harvests. While the scale of the upcountry bean stocking was not clear, a dozen farmers, buyers and officials from state regulator Cocobod confirmed the practice, with some blaming it for a slowing of bean purchases. A district manager for one of the top five licensed cocoa buyers in Ghana said in the southeastern town of Suhum that purchases had slowed in October, citing farmers as saying they were keeping their beans because they heard prices would be increased. Another senior buyer said some farmers, after hearing prices might be increased, had even asked that beans they had already sold be returned.
