Ghana’s cocoa sector has experienced a worrying trend of decline, with the third quarter of 2024 marking the fifth consecutive period of contraction.
This significant 26% drop stands in stark contrast to the overall economic growth of 7.2% during the same period.
The sector’s troubles began in the third quarter of 2023 and have persisted, with the first quarter of 2024 witnessing the most severe decline of 20.2%.
Experts are concerned about the implications of this sustained downturn for Ghana’s economy. The cocoa sector has historically been a major contributor to the country’s foreign exchange earnings and rural livelihoods.
However, the recent decline raises questions about the sector’s long-term viability.
To address this issue, policymakers will need to implement urgent measures to revitalize the cocoa industry.
These measures may include investments in sustainable farming practices, improved infrastructure, and enhanced support for cocoa farmers.
