The World Bank has acknowledged the significant challenges confronting Ghana’s cocoa industry and has pledged to offer recommendations to aid in revitalizing the sector.
On January 8, 2025, Ousmane Diagana, the World Bank Vice President for West and Central Africa, held discussions with President John Dramani Mahama to explore Ghana’s agricultural potential, with a particular focus on cocoa.
“Ghana has great potential in agriculture, particularly in cocoa. However, we are aware of the difficulties the sector is facing,” Mr. Diagana stated.
He added that the World Bank has prepared strategies, including country-specific climate and development programs, to address these issues.
Ghana’s cocoa industry has been facing significant challenges, with production falling by 26% in the third quarter of 2024, marking the fifth consecutive quarterly decline. This stands in stark contrast to the country’s overall economic growth of 7.2% during the same period.
The decline, which began in 2023, has intensified, with the sector shrinking by over 20% in early 2024 and by 26% in both the second and third quarters. This ongoing crisis poses a serious threat to the livelihoods of rural farmers and Ghana’s foreign exchange earnings.
The World Bank, which already has programs in Ghana, intends to collaborate with the government to tackle these issues and help revitalize the cocoa industry.
