Forecast: Cocoa Beans Production in Ghana

The production of cocoa beans in Ghana stood at 886,790 metric tons in 2023. The year-on-year variation in production observed over the last two years showed relatively small changes, with a 6.37% increase in 2021 and a 1.02% increase in 2022, followed by a 0.99% increase in 2023. The compound annual growth rate (CAGR) for the past five years stands at -0.4%, indicating a slight decline in overall production.

Forecasts for the coming years suggest a moderate increase in cocoa bean production, with projected year-on-year variations also showing small increases. Specifically, by 2028 the production is expected to reach approximately 928.36 thousand metric tons, representing a forecasted 0.74% CAGR over the next five years and a total growth rate of 3.76% from 2023. This trend suggests a slow but steady recovery in production levels.

Future trends to watch for include:

• Climate change impacts on cocoa farming conditions.
• Increased investments in sustainable farming practices.
• Government policies aimed at supporting cocoa farmers.
• Global market demand fluctuations for chocolate and cocoa products.