Ghana’s cocoa export revenue hits lowest levels since 2018

Ghana's cocoa export revenues fell to $917 million between January and August 2024, the lowest since 2018, marking a sharp decline from $1.6 billion in the same period last year. This $683 million shortfall could impact efforts to stabilize the cedi.

Cocoa earnings have been steadily dropping since 2021's peak of $2.1 billion. COCOBOD plans to phase out reliance on the Cocoa Syndicated Loan, traditionally vital for the sector.

In response, the Bank of Ghana is focusing on its Gold Purchase Program to cushion the economy in case of further instability in the cocoa sector.