Ghana’s 2024 cocoa export revenue crashes to $1.7 billion—lowest in 15 years

Ghana is the world's second-largest cocoa producer. In 2024, its export earnings fell to $1.7 billion. This is the lowest level in 15 years.

Data from the Bank of Ghana shows a significant decline. Cocoa export earnings dropped below $2 billion, down 25.4% in one year. Production has also decreased by over 11% during this time.

Illegal mining, smuggling, and crop diseases have worsened the situation. These factors have significantly impacted cocoa yields. Ghana's output fell from over one million metric tonnes in 2021 to just above 500,000 tonnes in 2024.

This reduction affects Ghana's ability to secure favorable loan terms. Despite producing over 60% of global cocoa with Côte d’Ivoire, both countries struggle financially. In 2024, global cocoa prices rose by a record 157%. Yet Ghana experienced its lowest export revenue since 2010.

Cocoa earnings have been declining since 2022 due to falling production and exports. A JoyNews Research report predicted earnings would drop below $2 billion by October 2024, which has now happened.

With earnings below this critical threshold, Ghana's economy faces more pressure. The ongoing decline in cocoa revenue will strain the Ghanaian cedi further and worsen fiscal challenges for the nation.