Ghana's cocoa bean exports have suffered a notable decrease, with a staggering 26.9% drop recorded in the second quarter of 2024, as reported by the Ghana Statistical Service.

The value decreased from GH₵1.57 billion in Q2 2023 to GH₵1.15 billion in 2024, marking the fifth consecutive quarterly decline.

This reduction is part of an ongoing downward trajectory, following a 24.7% fall in Q1 2024 compared to the same period in the previous year. The export value further dropped by 80% between the first and second quarters of 2024, resulting in a GH₵4 billion loss.

Ghana's cocoa sector is facing a difficult production season, with output by June 2024 reaching just 429,323 metric tonnes—less than 55% of the usual average. This could lead to the country’s lowest cocoa production in more than 20 years.

Globally, the cocoa market is contending with a four-year supply deficit due to poor harvests in Ghana and Ivory Coast, pushing prices higher. However, Ghana has not capitalized on the price surge due to widespread smuggling. Frustrated by low domestic prices and delayed payments, many farmers have turned to smuggling operations, leading to a loss of over a third of the 2023/24 cocoa harvest—around 160,000 metric tonnes.

In response, Ghana's Cocobod has increased the farm gate price by 45% for the 2024/25 season, raising it from GH₵2,070 to GH₵3,000 per 64-kilogram bag. Previously, Ghana's prices were GH₵490 lower than those in neighboring Côte d'Ivoire, fueling the smuggling problem.

With the new adjustment, Ghana now offers GH₵440 more per bag compared to Côte d'Ivoire, though the latter has not yet released its pricing for the 2024/25 season.