Cocoa prices are facing continued pressure as New York and London cocoa prices hit a three-week low, fueled by favorable weather conditions in West Africa. Akin Laoye, the CEO of FTN Cocoa Processors, discussed the ongoing price movements and production dynamics shaping the market in a recent interview with CNBC Africa. Laoye highlighted the impact of the current weather conditions on cocoa prices, emphasizing the potential for bumper harvests leading to a decrease in prices. Despite the optimism around favorable weather, Laoye noted the volatility in the live market, with price fluctuations indicating potential market manipulation by fund managers. Moreover, Laoye delved into the challenges faced in key cocoa-producing countries such as Cote d'Ivoire and Ghana. While rains have been beneficial for crop development, concerns over quality persist. Laoye mentioned that excessive rain can lead to poor quality cocoa, resulting in higher processing costs and quality issues such as mold and high free fatty acid content. The interview also covered the recent trend of cocoa processors rejecting truckloads of cocoa due to poor quality. Laoye stressed the importance of striking a balance between rainfall, yield, and quality to ensure a successful cocoa production process. In terms of production targets, Laoye expressed doubts about Ghana's ability to meet its 650,000-ton target, citing low crop yields in Nigeria as a concerning factor. He underscored the need for sustainable policies and stakeholder involvement to drive growth in the cocoa industry. Furthermore, Laoye discussed the establishment of the National Cocoa Management Board in Nigeria and emphasized the importance of appointing experienced stakeholders to lead the initiative. He cautioned against political interference and advocated for the involvement of serious-minded participants who are dedicated to the success of the cocoa economy. As cocoa prices continue to navigate through market uncertainties driven by weather dynamics and quality challenges, industry players like Akin Laoye are closely monitoring developments to ensure a sustainable and thriving cocoa market.