Export value of Ghana's cocoa products plummets by some 32.8% in Q1 of 2023
The plummeting cocoa export earnings signal urgent need for action
Ghana's cocoa export earnings have sharply declined, with the Ghana Statistical Service (GSS) reporting a 32.8% drop in the first quarter of this year, bringing earnings to just US$592.2 million compared to the same period in 2023, Graphic Business reports.
Read full articleThis represents a significant US$233.6 million loss against the average earnings of the past three years, which stood at US$825.8 million for Q1.
The downturn is primarily attributed to a collapse in cocoa bean exports over the past two years, with earnings falling from over US$225 million per quarter in 2021 to lows of US$44.7 million and US$13.5 million in 2022 and 2023, respectively.
Contributing factors include illegal mining (galamsey), swollen shoot disease, and aging cocoa trees. This decline is alarming as cocoa is Ghana's largest foreign exchange earner, and the country faces restricted access to international capital markets due to unsustainable debt levels. Immediate and decisive action is essential to protect this critical revenue source.
