"Cocoa Export Revenues Plunge to Six-Year Low, BoG Data Shows"

" Cocoa Export Revenues Plunge to Six-Year Low, BoG Data Shows \r\n\r\nGhana's cocoa export revenues plummeted to $917 million between January and August 2024, marking the lowest level since 2018, according to the Bank of Ghana\u2019s latest Summary of Economic and Financial Data.\r\n\r\nThis represents a sharp decline from the $1.6 billion recorded during the same period last year\u2014a shortfall of $683 million\u2014that could pose significant challenges to the government\u2019s efforts to stabilize the cedi.\r\n\r\nThe fall in export earnings continues a downward trajectory that has gripped the sector since its 2021 peak, when cocoa revenues reached $2.1 billion. Subsequent years have seen a steady erosion in returns, with earnings slipping to $1.61 billion in 2022 and $1.6 billion in 2023.\r\n\r\nThis year\u2019s figure is particularly concerning as it marks the first time in six years that revenues have dipped below the billion-dollar threshold, raising alarm over the health of one of Ghana\u2019s key export sectors.\r\n\r\nIn parallel, Ghana\u2019s COCOBOD has announced plans to gradually phase out the Cocoa Syndicated Loan\u2014a critical financial instrument that has historically provided liquidity to the sector and supported broader economic stability. The phasing out of the loan could add further strain to the cedi, which has faced volatility amid ongoing fiscal and external pressures.\r\n\r\nRecognizing the potential impact of the reduced financial buffer, the Bank of Ghana is pivoting towards its Gold Purchase Program as a strategic alternative. During a recent Monetary Policy Committee meeting, Governor Dr. Ernest Addison indicated that the central bank is positioning gold reserves as a contingency plan, should the cocoa sector\u2019s challenges continue to worsen.\r\n\r\n\u201cWe are aware that COCOBOD is more or less replacing the syndicated loan, but we think that we have enough reserves from our gold exports as insurance in case things don\u2019t go as expected on the cocoa side,\u201d Dr. Addison stated, signaling a shift towards a more diversified reserve management strategy."

"Cocoa Export Revenues Plunge to Six-Year Low, BoG Data Shows"

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