Cedi remains weak as cocoa export revenue drops by more than $500 million

Ghana's cocoa export revenue fell by over $500 million in the first quarter of 2024 due to illegal mining, climate issues, diseases, and smuggling, according to the Bank of Ghana.

The revenue drop, from over $1 billion last year to about $496 million, has severely impacted the economy as the cedi depreciates over 20% against the dollar.

Ghana's cocoa production is projected to fall below 500,000 tons, significantly less than the initial forecast of 850,000 tons. The Ghana Cocoa Board struggles with smuggling, reducing its global production share and affecting its ability to secure loans.

The economic outlook remains challenging.