Ghana’s cocoa production has declined by 50% in three years, challenging the economy. Factors include COCOBOD’s inability to supply cocoa, outstanding debts nearing GH¢32 billion, and losses from low-priced contracts. The government plans a 24-Hour Economy policy to address these issues.
Cocoa production in Ghana has witnessed a staggering decline of nearly 50% over the past three years, as highlighted by Dr. Cassiel Ato Forson, the Minister of Finance. During the presentation of the 2025 Budget and Economic Policy Statement in Parliament, he remarked that the once-thriving cocoa sector is now incapable of bolstering the economy, despite rising global market prices.
In conclusion, Ghana’s cocoa industry, once a pillar of the economy, faces significant challenges due to mismanagement and financial losses. The government’s commitment to addressing these issues through new policies remains crucial for the sector’s recovery and long-term sustainability. Immediate actions are necessary to rectify outstanding debts and sales contracts to protect farmers and restore cocoa production levels.
Original Source: www.ghanabusinessnews.com
