Ghana loses nearly $1 bln in export earnings due to cocoa prices: Cocobod

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Workers arrange bags containing cocoa beans at a cocoa processing factory in Ile-Oluji village in Ondo state, southwest Nigeria March 30, 2016. REUTERS/Akintunde Akinleye

ABIDJAN  – Ghana, the world’s number two cocoa producer, has missed out on nearly $1 billion in export earnings due to a steep decline in global cocoa prices, the CEO of Ghana Cocoa Board (Cocobod) said on Monday.

“In Ghana, we have has lost close to $1 billion in export earnings,” Joseph Boahen Aidoo told a news conference following an International Cocoa Organization meeting in Ivory Coast.

Cocoa futures in New York and London have fallen by roughly a third since last year and hit fresh multi-year lows last week.

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