Ghana, the world’s second-largest cocoa producer, has delayed the delivery of 370,000 tonnes of cocoa originally scheduled for the 2023/24 season.
The decision, announced by the state-owned Ghana Cocoa Board (COCOBOD), comes as the country grapples with its lowest production levels in two decades.
Eric Opoku, Ghana’s food and agribusiness minister-designate, revealed the extent of the crisis during his vetting process in parliament.
“Production has declined and this is the lowest in the last two decades,” he said, citing figures of below 550,000 tonnes for the 2023/24 season.
The decline in output forced COCOBOD to default on repaying an $800 million loan secured from international lenders for cocoa purchases.
The global cocoa market has been closely watching Ghana, which has faced challenges from climate change, tree diseases, and the impact of illegal gold mining. These factors have compounded the sector’s struggles, with production declining sharply after peaking at over 1 million tonnes in 2021.