Eric Opoku, the Minister-Designate for Food and Agriculture, has disclosed that Ghana’s cocoa production has plummeted to its lowest level in two decades, raising concerns over the country’s cocoa industry.

Speaking before Parliament’s Appointments Committee on Monday, January 20, Opoku cited recent data from the Ghana Cocoa Board (COCOBOD), which highlighted a significant drop in output.

According to him, COCOBOD’s transition engagement report indicated that the country’s cocoa production for the season stood at 530,000 metric tonnes.

“This is the lowest production level recorded in the past 20 years,” he emphasized.

“Whether the figure stands at 430,000 or 530,000 metric tonnes, both numbers reflect a worrying decline.”

Opoku further revealed that the decline in cocoa production has had dire financial implications, particularly concerning Ghana’s syndicated cocoa loan obligations.

He referenced an $800 million syndicated loan that Ghana secured to purchase 850,000 tonnes of cocoa.

However, due to the production shortfall, the country was unable to meet the target by the end of the season, resulting in a loan default.

“Ghana took an $800 million loan from the syndicated market to buy 850,000 tonnes of cocoa, but by the end of the season, we fell short of this target.

As a result, we defaulted on the loan,” he explained.

According to Opoku, the outstanding quantity of 374,000 tonnes has been rolled over to this year.

He stressed that the new administration must now focus on addressing this debt and other financial burdens within the sector to restore stability and growth.

“As we take office, we must find urgent solutions to clear these debts and revitalize the cocoa industry,” he added.