Ghana recorded a steep drop in cocoa bean exports in 2024, even though total earnings from the commodity rose significantly. This is according to the latest Auditor General’s report on the Bank of Ghana’s foreign exchange receipts and payments for the year ended 31st December 2024.
The data shows that Ghana exported 261,248 tonsof cocoa beans in 2024, down from 533,057 tonsin 2023, a drop of over 50 percent. Exports of processed cocoa products like butter, paste, and powder also declined, falling from 240,897 tons in 2023 to 192,429 tons in 2024.
Yet, total cocoa export receipts jumped by 37.5 percent, from US$1.26 billionin 2023 to US$1.73 billion in 2024. This increase was largely driven by higher global prices and steady performance in value-added cocoa products.
A major concern flagged in the report was the sharp decline in inflows from syndicated cocoa loans, which are key to financing Ghana’s cocoa sector. In 2024, syndicated loan proceeds dropped from US$681 million to just US$50 million, a decline of more than 92 percent. The report clarified that the US$50 million recorded was not from the usual pre-export syndicated facility, but rather from non-collateralized loan proceeds used to pay interest on COCOBOD’s debt.
The Bank of Ghana had projected cocoa receipts of about US$1 billionfor the year, but actual receipts stood at US$1.73 billion, resulting in a positive variance of over US$734 million.
Cocoa contributed 14.47 percent of Ghana’s total foreign exchange earnings of US$11.99 billion in 2024.
The decline in production volumes despite the rise in earnings raises questions about long-term sustainability. With global prices currently driving revenue growth, there are concerns about how the sector would perform if prices drop and output levels remain low.
The fall in syndicated loan inflows also points to tighter financing conditions for Ghana’s cocoa industry. Without strong investment in production and support for farmers, stakeholders worry the gains made in 2024 may not last.
Source: Report of the Auditor General on the Consolidated Statements of Foreign Exchange Receipts and Payments of the Bank of Ghana for the year ended 31st December 2024
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