Forex earnings from cocoa projected to hit $4.1bn in 2 years

Minister of Information, Kojo Oppong Nkrumah, announced that the export of cocoa beans is projected to bring in $4.1 billion for the country by 2025.

The revenue from cocoa production has been on the rise since 2019 and is expected to continue growing.

In 2022, total exports from cocoa reached $2.213 billion, a decrease from the previous year’s $2.83 billion.

According to Oppong Nkrumah, the revenue from the cocoa sector plays a crucial role in stabilizing the country’s currency and contributes significantly to the country’s Gross Domestic Product (GDP).

Cocoa is the third largest foreign income source for Ghana after gold and crude oil.

“On the average we’re producing about 700,000 metric tonnes of cocoa per year since 2012. It is estimated that the contribution of cocoa to Ghana’s Gross Domestic Product (GDP) will rise to about $4.1 billion by 2025.”

“Cocoa is the third largest foreign earner for the country after gold and crude oil; and revenues from the industry have been on the upward trajectory since 2019. Specifically in 2019, we earned about $2.2 billion, $2.3 billion in 2020, $2.8 billion in 2021 and we’re hoping to grow some more. The cocoa industry is playing a significant role in stabilising the local currency among many other things,” he remarked speaking at the launch of the 2023 National Chocolate Week.

Deputy Chief Executive of the Ghana Cocoa Board, Emmanuel Ray Ankrah, spoke at the launch of the 2023 National Chocolate Week and called for a comprehensive approach to scrap the 35% tax on cocoa processing companies, which is seen as a deterrent for startups in the industry.

The Ministry of Tourism, Arts, and Culture has pledged continued support for the National Chocolate Week celebration, which aims to increase domestic consumption of Ghana’s chocolate and cocoa-based products, promote domestic tourism, and give a healthy twist to Valentine’s Day celebrations.