World Bank Pledges Support for Revitalizing Ghana’s Struggling Cocoa Industry

The World Bank has acknowledged the serious challenges facing Ghana’s cocoa sector and committed to offering strategic recommendations aimed at revitalizing the industry.

During a meeting with President John Dramani Mahama on January 8, 2025, Ousmane Diagana, Vice President for West and Central Africa at the World Bank, underscored the untapped potential in Ghana’s agricultural sector, particularly within cocoa.

“Ghana is one of the countries where we have prepared a country-climate development plan. We’ve identified the considerable potential in agriculture, especially in cocoa, while also recognizing the sector’s ongoing challenges,” Diagana stated. “We are aware that Ghana and Côte d’Ivoire face similar hurdles, and we have specific recommendations that we can discuss with you in due course. We also have existing programs in Ghana that could play a role in addressing these challenges.”

The cocoa sector has seen a troubling contraction of 26% in the third quarter of 2024, marking its fifth consecutive decline.

This sharp downturn contrasts with the broader economy, which grew by 7.2% in the same period, with non-oil sectors expanding significantly.

Ghana’s cocoa troubles have deepened since the third quarter of 2023, with the first quarter of 2024 recording a 20.2% drop, followed by two consecutive quarters of 26% declines.

This persistent downturn is raising alarms about the future stability of the cocoa industry, a cornerstone of rural livelihoods and one of Ghana’s most vital sources of foreign exchange.

The World Bank’s involvement aims to address these challenges and help stabilize and grow the sector moving forward.