Trade in cocoa and cocoa products
Not only is Ghana a major cocoa-producing country, but also a notable country in cocoa trade. A large exporter of the agricultural product, it registered close to 600,000 metric tons in cocoa exports in 2021, and an all-time high of over 843,600 metric tons in 2018. Besides cocoa beans, cocoa liquor and natural cocoa butter are the main products traded with global partners. Europe and Asia are the leading importers of cocoa from Ghana.Furthermore, the nation trades in chocolate and chocolate products. In 2022, it imported an estimated 10.1 million U.S. dollars in chocolate products, while exports of the same products reached 2.7 million U.S. dollars. Although the value of imports significantly exceeded that of exports that year, the country has exported more chocolate products than it has imported since 2010. Overall, the price of cocoa in Ghana was set at 2.4 U.S. dollars per kilogram in 2021, and it was expected to increase to 2.6 U.S. dollars by 2025.
Cocoa contributes to Ghana’s economy
The cocoa sector is a key player in Ghana’s economy, from processing to sales. In 2022, the country’s Cocoa Processing Company (CPC) accumulated 43.5 million U.S. dollars in revenue from cocoa. The CPC processes raw cocoa beans into semi-finished products and manufactures cocoa products such as chocolate bars and powder. Moreover, in 2020, the Ghana Cocoa Board (COCOBOD) registered over 10.2 billion Ghanaian cedis (GHS) from cocoa sales, which corresponded to approximately 758.8 million U.S. dollars. At the national level, the cocoa sector was forecast to contribute over 3.2 billion GHS, around 238.3 million U.S. dollars, to Ghana’s GDP in 2024. In general, crop production makes the highest agricultural contributions to Ghana’s GDP, compared to livestock, forestry, and fishing.The Ghana Cocoa Board (COCOBOD), the government institution responsible for regulating cocoa buying prices, identified some threats to cocoa production in Ghana. In April 2022, the Board reported that illegal mining activities affected cocoa farmlands, impacting over 81 percent of cocoa farms in the Eastern region. Nevertheless, the country has remained a key contributor to the global cocoa sector.
