Ghana’s cocoa export revenues are projected to fall below $2 billion in 2024, marking the lowest earnings for the sector in 14 years.
This sharp decline continues a trend that began after cocoa revenues peaked at $2.87 billion in 2011. Since then, the sector has experienced a steady drop, with earnings reaching $2.12 billion in 2023 — a 26% cumulative decline over the past decade.
Graph: Ghana’s Cocoa Export Revenues
Graph: 2024 figure represents cumulative cocoa exports as of August
On average, Ghana’s cocoa export revenues have seen an annual decrease of about 2% during this period. The projected dip below the $2 billion mark for 2024 signals deeper challenges for the country’s cocoa industry, a critical sector of its economy.
The falling revenues are expected to have significant consequences for the Ghanaian economy. One major concern is the added pressure on the Ghanaian cedi, which has been struggling with depreciation in recent years. A further decline in cocoa earnings, one of the country’s major foreign exchange sources, could worsen the situation.
Additionally, the ongoing drop in cocoa revenues could exacerbate Ghana’s fiscal challenges, as the country relies heavily on the commodity for economic stability. The government may need to explore new strategies to address these issues and safeguard the future of its cocoa industry.
