The cocoa export industry is experiencing a worrying downturn, with a sharp decline in export values reported for the first two quarters of 2024.
According to the latest data from the Ghana Statistical Service (GSS), 2024 Q1 saw cocoa export values at GH₵5,164.51 million, indicating strong performance at the beginning of the year.
However, by 2024 Q2, this figure had plunged to GH₵1,152.32 million, a drastic reduction that highlights the extent of the challenges facing the industry. This decline represents more than a 75% drop in export value within just one quarter.
This decline is even more striking when viewed in the context of year-on-year percentage changes. In 2023 Q4, the export value had already decreased by -15.1%, signalling potential trouble ahead.
The situation worsened in 2024 Q1, with a decline of -24.7% compared to the same period in the previous year. By 2024 Q2, the decline had continued, reaching -26.9% year-on-year.
This steady drop in cocoa export values from Q4 2023 to Q2 2024 highlights the significant challenges facing the sector. The sustained decline could be attributed to a combination of factors, including seasonal fluctuations, production difficulties, and global market pressures.
With cocoa being a vital part of Ghana’s export economy, these figures raise concerns about the future of the industry and the need for interventions to stabilize and improve performance.
Source:thehighstreetjournal.com