Ghana’s cocoa exports set to crash below $2 billion this year — lowest in 14 years!

Ghana's cocoa export earnings are projected to fall below $2 billion in 2024, the lowest since 2010, due to declining production.

Despite strong global cocoa prices, factors such as illegal mining, erratic weather, crop diseases, and smuggling are undermining output.

Cocoa revenues, which peaked at $2.87 billion in 2011, dropped to $2.12 billion in 2023, a 26% decline.

By August 2024, earnings stood at $917.8 million, 43% lower than in 2023, threatening Ghana's fiscal stability and exacerbating pressure on the cedi. Reaching $2 billion by year-end appears unlikely.