ACCRA, May 26 (Reuters): Ghana's cocoa export revenue fell nearly 50 per cent year-on-year in the first four months of the year, cancelling out gains from oil and gold receipts and narrowing the West African nation's trade surplus, central bank data showed on Friday.
Cocoa export revenues have continued a steady decline since December 2023, standing at $599.2 million as of April compared with $1.17 billion at the same point in 2023, Bank of Ghana said in a summary of economic and financial data.
Strong winds, scant rain, smuggling and disease have damaged cocoa output of the world's number two producer. Production is now expected to be almost 40 per cent below target in the 2023/24 season, according to the cocoa sector regulator.
Ghana's cocoa export revenue drops nearly 50pc in four months
FE Team | Published: May 26, 2024 21:49:49
Ghana's cocoa export revenue drops nearly 50pc in four months
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