Recent data from the Ghana Statistical Service indicates a significant drop in the export value of cocoa beans for the second quarter (Q1) of 2024.
The export value fell from GH₵ 1.57 billion in the second quarter (Q2) of 2023 to GH₵ 1.15 billion in the second quarter (Q2) of 2024, marking a 26.9% decrease.
This decline is part of a continuing trend, with cocoa bean exports decreasing for the fifth consecutive quarter.
In the Q1 of 2024, the export value also dropped by 24.7% compared to Q1 of 2023. Notably, the quarterly decline between Q1 and Q2 2024 was even more drastic, with an 80% drop, equating to a GH₵ 4 billion reduction.
Production and Market Context
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