Cocoa Export Volumes Fall Sharply in 2024 Despite 37.5% Revenue Surge
Ghana’s cocoa sector in 2024 recorded a significant contraction in export volumes, even as earnings from the commodity rose substantially, driven by favourable global prices.
According to the Auditor-General’s latest report on the Bank of Ghana’s foreign exchange receipts and payments for the year ending December 31, 2024, total cocoa bean exports plummeted by more than 50 percent — from 533,057 metric tons in 2023 to 261,248 metric tons in 2024.
Similarly, exports of processed cocoa products such as butter, paste and powder saw a decline, falling from 240,897 metric tons to 192,429 metric tons over the same period.
Despite the significant drop in output, Ghana earned a total of US$1.73 billion from cocoa exports in 2024, up from US$1.26 billion in 2023 — representing a 37.5 percent increase in export receipts. The increase in earnings, the report noted, was largely supported by elevated global market prices and steady performance in value-added product exports.
The Central Bank had earlier projected cocoa export earnings of US$1 billion for the year under review. However, actual receipts exceeded the forecast by over US$734 million, reflecting the strong price dynamics that buoyed the sector.
Cocoa contributed 14.47 percent of Ghana’s total foreign exchange earnings of US$11.99 billion in 2024.
Decline in Syndicated Loan Inflows
A major red flag in the report is the steep decline in inflows from syndicated cocoa loans — a critical source of financing for Ghana’s cocoa value chain. According to the data, syndicated loan proceeds dropped by more than 92 percent — from US$681 million in 2023 to just US$50 million in 2024.
The Auditor-General clarified that the US$50 million recorded was not from the traditional pre-export syndicated facility but was instead sourced from non-collateralized loan proceeds used primarily to service COCOBOD’s existing debt obligations.
The collapse in syndicated inflows reflects tightening financing conditions for Ghana’s cocoa sector and could undermine efforts to support farmers and boost production in the coming years.
Sustainability Concerns Loom
The sharp decline in cocoa output, despite improved earnings, has raised questions about the long-term sustainability of the sector. Analysts warn that while current revenues benefit from strong international prices, any future price correction — coupled with persistent production constraints — could erode export earnings and strain the broader economy.
Stakeholders are calling for renewed investment in cocoa production, farmer support systems, and financing mechanisms to build resilience and safeguard the gains made in 2024.
