Ghana is the second-largest cocoa producer in the world after Côte d’Ivoire. With the 2024-2025 cocoa season still underway, the country anticipates a significant increase in exports. According to the USDA, the U.S. Department of Agriculture, Ghana’s cocoa exports could increase by 55%.
A significant increase in cocoa production
During the 2023-2024 season, Ghana experienced an alarming deficit. During this period, cocoa exports generated a total of 1.69 billion USD. This is the first time that a deficit has been observed, which, after 10 years, is less than 2 billion USD. However, this year’s season is expected to make up for this shortfall due to increased cocoa production.
Indeed, according to the USDA, Ghana could export up to 520,000 tons of cocoa. This represents a 55% increase in exports following the 2024/2025 marketing year. This marks a significant improvement over the 336,000 tons exported during the 2023-2024 marketing year.
Combating Informal Trade in the Cocoa Sector
This progress is facilitated by improvement measures aimed at stakeholders in the cocoa sector. This increase in production promotes significant availability of cocoa reserves for export.
According to Cocobod estimates, national production will increase by 22%, peaking at 650,000 tons by the end of this season. In an effort to increase cocoa exports, reforms aimed at combating unreported trade have been implemented.
Promoting Ghana’s Economic Expansion
This reform aims to reduce the illegal export of cocoa production to Togo and Burkina Faso. This fight against informality has led to a 70% increase in the volume of beans deposited in the regulator’s warehouses.
These measures have led to a production of 560,000 tons between the start of the season and mid-February 2025, compared to the corresponding period last year. However, this reform, designed to combat smuggling and increase production, is expected to provide Ghana with more financial resources and promote economic expansion.
Impact on Farmer Incomes in Ghana
Cocoa price increases affect farmer incomes in Ghana in complex ways, with limited benefits for local producers despite the announced increases.
The Ghana Cocoa Board (COCOBOD) recently increased the guaranteed price paid to cocoa farmers to 2,070 cedis per 64-kg bag, an increase of nearly 60%. For the 2024/2025 marketing year, a further increase of 45% to 70% is envisaged, bringing prices in line with those in Côte d’Ivoire.
While price increases are a step towards improving farm incomes, they are not enough to address structural problems such as low yields, climate impacts, and centralized price controls. Initiatives such as the formation of cooperatives and the adoption of smart farming practices could offer more sustainable solutions.
