Ghana, the world's second-largest cocoa producer, is at risk of seeing its cocoa export earnings crash below the $2 billion mark in 2024-the lowest since 2010.
Despite strong cocoa futures due to supply restrictions during the 2023/2024 season, analysis of Bank of Ghana data by the JoyNews Research Desk reveals that the country's once-reliable cocoa industry, a backbone of its economy, is on track to bring in its weakest export earnings in over a decade.
Ghana's cocoa revenues, which peaked at $2.87 billion in 2011, have fallen steadily to $2.12 billion in 2023, representing a cumulative 26% decline.
This translates to an average annual drop of 2% over the last decade.