Ghana Surpasses Ivory Coast in Cocoa Production for the 2022/23 Season: A Positive Development for the Country’s Economy

Ghana overtakes Ivory Coast as top cocoa producer in the first half of 2022/23 cocoa season, according to the latest report by the International Cocoa Organization (ICCO). Ghana’s cumulative purchases of graded and sealed cocoa beans reached 566,846 tonnes, representing an 18% increase from the previous year, while Ivory Coast’s cumulative arrivals of cocoa beans lagged behind previous season levels. Despite this, the total supply of cocoa beans from the two countries for the first half of 2022/23 was slightly down by 0.2% compared to the previous season.

This development is a significant milestone for Ghana’s cocoa industry as Ivory Coast has been the world’s top producer of cocoa for several years. It shows that Ghana is making strides in increasing its cocoa production and improving its quality, which is good news for the country’s economy. Initiatives such as the Cocoa Health and Extension Division, which provides farmers with free seedlings, subsidised fertilisers and pesticides, and training on proper cocoa tree planting and care, have led to higher yields and better quality cocoa beans that command a higher price on the international market.

Additionally, the Ghanaian government has implemented programmes to eliminate child labour in the cocoa industry, guarantee a minimum price for cocoa farmers’ beans, and improve social and economic conditions for cocoa farmers. However, climate change and disease outbreaks remain significant challenges to the cocoa industry, and there is a need for continued investment in research and development to address these challenges.

In terms of futures price development, the front-month cocoa futures prices averaged US$2,440 per tonne in London, up by 6% compared to the previous year. The average cocoa bean stocks in exchange-licenced warehouses in the United States have also increased by 7%, from 318,731 tonnes to 341,497 tonnes.

For the most part, the report highlights Ghana’s impressive progress in cocoa production and quality improvement, overtaking Ivory Coast as the top producer in the first half of the 2022/23 cocoa season. While there are challenges to the cocoa industry, continued investment in research and development and social and economic programmes will be critical in ensuring sustainable growth in the sector.