- Ghana's cocoa sector has experienced a concerning fifth consecutive quarter of contraction
- The sector's struggles began in the third quarter of 2023 and have worsened since.
- By taking decisive action, Ghana can safeguard the future of its cocoa industry and secure its economic prosperity.
Ghana’s cocoa sector has experienced a concerning fifth consecutive quarter of contraction, with a significant 26% decline in the third quarter of 2024.
This downturn stands in stark contrast to the broader economy, which has shown robust growth.
The sector’s struggles began in the third quarter of 2023 and have worsened since.
While the first quarter of 2024 marked the worst performance with a 20.2% contraction, the subsequent quarters have also witnessed substantial declines.
Experts are alarmed by the prolonged slump in the cocoa sector, a vital contributor to Ghana’s economy and foreign exchange earnings.
Professor Lord Mensah, a Finance Lecturer at the University of Ghana Business School, highlighted the impact of shifting priorities towards gold and the need to refocus on cocoa.
To address the issue, policymakers must implement strategic interventions to revitalize the sector.
This includes investing in sustainable farming practices, improving infrastructure, and providing adequate support to cocoa farmers.
By taking decisive action, Ghana can safeguard the future of its cocoa industry and secure its economic prosperity.
