Cocobod, the Ghanaian regulatory authority for the cocoa sector, found itself in difficulty in Ghana following the poor cocoa harvest recorded during the 2023/2024 season. The local bean market is under severe test

The Cocobod would have borne the brunt of this situation, failing to repay the $800 million syndicated loan it took out to finance cocoa purchases counting for this agricultural campaign according to the Ghanaian Minister of Food and Agro-Industry Eric Opoku who was speaking at a parliamentary committee held on Monday, January 20. According to the latter, cocoa production has fallen to “its lowest level in two decades” in Ghana, settling below 550,000 tonnes.

The minister also indicated that the drop in production has also forced the authorities to postpone the delivery of 370,000 tons of cocoa for the 2024/2025 season. As the 2024/2025 campaign has started, the situation doesn't really seem to be improving in Ghana. In August 2024, Cocobod had notably lowered its harvest forecasts by 20%, before announcing a second reduction of 5% in December. Initially expected at 810,000 tons, cocoa production is now expected at 617,500 tons during the current season