Ghana’s cocoa export earnings have plummeted to $1.7 billion in 2024, the lowest in 15 years, marking a 25.4% decline from the previous year.
Data from the Bank of Ghana reveals that cocoa production has shrunk by 11% within the same period, largely due to illegal mining, smuggling, and crop diseases.
Ghana’s cocoa output has drastically fallen from over 1 million metric tonnes in 2021 to just 500,000 tonnes in 2024.
This decline has weakened the country’s negotiating power in the syndicated loan market.
Despite Ghana and Côte d’Ivoire producing over 60% of the world’s cocoa, they have failed to capitalize on the recent 157% surge in global cocoa prices due to forward sales agreements.
Ghana’s cocoa earnings have been declining since 2022, and the country’s fragile economy is facing increased pressure.
The decline in cocoa revenue is expected to strain the Ghanaian cedi further, exacerbating the nation’s fiscal challenges.
By Vera Owusu Sarpong
