Ghanas cocoa exports dropped sharply in 2024, even though the country earned more revenue from cocoa sales.
This was revealed in the Auditor-Generals latest review of the Bank of Ghanas foreign exchange records for the year ending December 31, 2024.
According to the report, cocoa bean exports declined significantly from 533,057 tons in 2023 to 261,248 tons in 2024, a reduction of more than half.
Exports of processed cocoa products, including cocoa paste, butter, and powder, also fell from 240,897 tons to 192,429 tons.
Despite the volume decline, Ghana earned US$1.73 billion from cocoa exports in 2024, up from US$1.26 billion in 2023.
The 37.5% increase in revenue was largely attributed to strong global market prices and sustained demand for processed cocoa goods.
However, the report raised concerns about a steep decline in syndicated loan inflows, a key source of funding for the cocoa industry.
Loan inflows dropped from US$681 million in 2023 to just US$50 million in 2024. Notably, the US$50 million received was not part of the usual pre-export financing package but rather a non-collateralized loan used to settle COCOBODs debt interest.
The Bank of Ghana had projected cocoa earnings of around US$1 billion for the year, but actual earnings exceeded expectations by over US$734 million.
Cocoa exports accounted for 14.47% of Ghanas total foreign exchange earnings of US$11.99 billion in 2024.
While higher prices helped boost earnings, the sharp decline in production has raised concerns about the long-term resilience of the cocoa sector.
Experts warn that without urgent investment and targeted support for cocoa farmers, the sectors growth and stability could be at risk.
DR/MA
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