The 2024 export revenue of Ghana, the second-largest cocoa producer in the world, fell to $1.7 billion.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Ghana, the world’s second-largest producer of cocoa, has seen its 2024 export earnings plummet to $1.7 billion, the lowest in 15 years.

An analysis of data from the Bank of Ghana shows that cocoa export earnings have fallen below the $2 billion mark, representing a sharp 25.4% decline in just a year.

This drop is largely attributed to dwindling production, which has shrunk by over 11% within the same period.

The decline in forex inflows from cocoa is exacerbated by illegal mining activities (galamsey), smuggling, and crop diseases, all of which have significantly impacted yields. 

Source: newsthemegh.com