Ghana has increased its own cocoa processing in recent years, from 200,000 tonnes to 400,000 tonnes in 2019, but it mostly remains at the stage of semi-finished products. The major share of value in a chocolate bar is still generated abroad. The reason is the importance of cocoa for Ghana’s foreign exchange earnings.
Does cocoa grow in Ghana?
Cocoa is the chief agricultural export of Ghana and Ghana’s main cash crop. … Cocoa production occurs in the country’s forested areas: Ashanti, Brong-Ahafo, Central Region, Eastern Region, Western Region, and Volta, where rainfall is 1,000-1,500 millimeters per year.
What percentage of cocoa does Ghana produce?
The Ivory Coast and Ghana are by far the two largest producers of cocoa, accounting for more than 50 percent of the world´s cocoa. In 2016, the Ivory Coast alone produced approximately 1.6 million metric tons of cocoa beans.
Is Ghana rich in cocoa?
The study area is Ghana, the world’s second largest cocoa producer after Cote D’Ivoire and located in West Africa.
Does Ghana import cocoa?
Imports: In 2019, Ghana imported $28.7M in Cocoa Beans, becoming the 25th largest importer of Cocoa Beans in the world. At the same year, Cocoa Beans was the 128th most imported product in Ghana. … Tariffs: In 2018, the average tariff for Ghana in Cocoa Beans was 4.73%.
How much is cocoa price in Ghana?
Ghana’s president, Nana Addo Dankwa Akufo-Addo announced a new producer price for cocoa for the 2020/2021 crop season. The new producer price is pegged at GHC10,560 per metric tonne of cocoa indicating that a bag of cocoa is now GHC660. The current price per 64kg bag of cocoa is GHC514.
Why are the producers of cocoa in Ghana still poor?
The high cost of farming inputs also affects farmers’ incomes. The costs associated with hiring adult labour as well as purchasing fertilisers, farming equipment and pesticides places a large financial burden on farmers and further diminishes the income that they gain from cocoa production.
How much do cocoa farmers in Ghana get paid?
Cocoa farmers in Ghana make $1/day, while those in Côte d’Ivoire make around $0.78/day—both significantly below the extreme poverty line. Farmers are often unable to bear the costs of cocoa farming as a result of low incomes.
Is Ghana still exporting cocoa?
Ghana, the world’s second largest exporter of cocoa, is Switzerland’s closest trading partner in Sub-Saharan Africa, with the two having establishedreasonably close ties over many decades. … The overwhelming majority was led by Gold but the export value of Cocoa to the Swiss was still USD66.
What is the difference between cacao and cocoa?
While cacao refers to cacao beans that have not been roasted, what is called cocoa is made of beans have been roasted. So, in turn, a product that is labeled cacao is the raw bean and is often packaged as vegan chocolate that has been minimally processed with no additives.
Why does Ghana export cocoa?
Exports of raw cocoa beans are a key source of foreign exchange for Ghana’s central bank. Ghana’s cocoa sector is regulated by the state-owned marketing board Cocobod. … The reason is the importance of cocoa for Ghana’s foreign exchange earnings.
Why is cocoa important to Ghana?
“Cocoa is a major source of foreign exchange for Ghana and foreign exchange is good for the country. Also, cocoa money is used for hospitals and roads for the benefit of the country. Cocoa is the backbone of the Ghanaian economy.” (Male FGD participants, Western Region).