Agriculture

Ghana cocoa loses 27% export value – GSS

Ghana’s cocoa bean export value has seen a sharp decline, dropping 26.9% in the second quarter of 2024, according to data from the Ghana Statistical Service.

The export value fell from GH₵1.57 billion in the second quarter of 2023 to GH₵1.15 billion in 2024, marking the fifth consecutive quarterly decrease.

The drop is part of a broader downward trend, with a 24.7% fall in the first quarter of 2024 compared to the same period in 2023.

The value plunged by 80% between the first and second quarters of 2024, translating to a GH₵4 billion reduction.

Ghana’s cocoa industry is facing a tough production season, with output by June 2024 reaching just 429,323 metric tonnes—less than 55% of the average in previous years.

This could result in the country’s lowest annual production in over two decades.

The global cocoa market is grappling with a four-year supply deficit, driven by poor harvests in both Ghana and Ivory Coast, causing prices to rise.

However, Ghana has not benefited from this price increase due to rampant smuggling. Farmers, frustrated by low local prices and delayed payments, have turned to trafficking rings, leading to the loss of over a third of the 2023/24 cocoa output, amounting to around 160,000 metric tons.

In response, Ghana’s Cocobod has raised the farm gate price by 45% for the 2024/25 season, increasing it from GH₵2,070 to GH₵3,000 per 64-kilogram bag.

Previously, Ghana’s prices were GH₵490 lower than those of neighbouring Côte d’Ivoire, fueling smuggling.

With the new price, Ghana now offers GH₵440 more per bag than Côte d’Ivoire, though the latter has yet to announce its 2024/25 pricing.

Source: classfmonline.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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