Weak cocoa production impacting COCOBOD amid record high prices – IMF

Ghana's cocoa production has indeed taken a hit, with output projected to drop by 40% for the 2023/24 season . This decline is largely attributed to unprecedented weather conditions, including heavy rains and plant diseases, which have severely impacted harvests . As a result, cocoa prices have surged to record highs in London and New York, more than doubling in price since the previous year .

The International Monetary Fund (IMF) has identified 2024 as a challenging financial year for the Ghana Cocoa Board (COCOBOD) due to these weak production levels . Despite record-high global cocoa prices, COCOBOD has struggled to capitalize on this opportunity due to the production shortfall .

To mitigate these challenges, the government has increased the 2024/2025 farmgate price for cocoa by 50% . This move aims to support Ghanaian cocoa farmers by offering them an improved income and encouraging them to stay in the cocoa sector .