Galamsey, smuggling and bad weather slash Ghana’s cocoa revenue by $500m

Illegal mining, adverse weather, the swollen shoot virus disease, and rampant smuggling have caused a significant $500 million drop in Ghana's cocoa revenue for the first quarter of 2024.

Fiifi Boafo, COCOBOD's Head of Public Affairs, highlighted these issues' severe impact on cocoa production and revenue.

Illegal mining disrupts farmers and pollutes irrigation sources, while El Niño-induced weather conditions have reduced yields. Additionally, the Cocoa Swollen Shoot Virus Disease has destroyed over 500,000 hectares of cocoa farms.

COCOBOD is combating these challenges through legal actions, financial support for farmers, and prosecution of illegal miners. Despite the shortfall, COCOBOD remains confident in maintaining financial stability.