Ghana’s Cocoa Export Earnings Triple to $1.8 Billion in Early 2025 — Bank of Ghana

Ghana’s Cocoa Export Earnings Triple to $1.8 Billion in Early 2025 — Bank of Ghana

Accra, Ghana – May 2025

Ghana's cocoa export earnings have experienced a remarkable surge in the first four months of 2025, reaching $1.84 billion, a significant rise from $579 million recorded during the same period in 2024. This represents a more than threefold increase, according to the Bank of Ghana’s Summary of Economic and Financial Data.

The boost in earnings has been attributed to a combination of higher production volumes and favorable global cocoa prices. Government initiatives to enhance productivity in the cocoa sector—including intensified pruning exercises, increased supply of insecticides, and improved extension services—have also played a crucial role.

Data from the Ghana Cocoa Board (COCOBOD) and U.S. Department of Agriculture (USDA) indicates that cocoa bean output for the 2024/25 crop season is projected to rise by 32%, from 531,000 metric tons last year to an estimated 700,000 metric tons.

Analysts also point to rising global demand for chocolate and cocoa-based products as a key driver behind the increase in export revenue. The resurgence in international markets has seen cocoa prices hit record highs, benefiting major producers like Ghana and Côte d’Ivoire.

The earnings boom has had a positive ripple effect on Ghana’s external sector. Total exports for the period reached $9.33 billion, with cocoa and gold emerging as the two top-performing commodities. The Bank of Ghana reports that gross international reserves now stand strong enough to cover 4.7 months of imports, providing a cushion for the cedi and supporting fiscal stability.

This comes as a welcome rebound after cocoa export earnings in 2024 slumped to $1.7 billion, the lowest in over 15 years, due to a confluence of challenges, including illegal mining (galamsey), smuggling, adverse weather, and disease outbreaks.

While the latest figures mark a positive trend, stakeholders in the cocoa industry urge the government to remain committed to structural reforms and invest in value addition to ensure long-term sustainability and improved farmer incomes.

As Ghana cements its position as the world’s second-largest cocoa producer, all eyes are on how the country will leverage this momentum to drive rural development and boost its economy amid global uncertainty.