Ghana’s cocoa sector recorded slower growth in the first quarter of 2026, signalling a moderation in the industry’s recovery despite improving international cocoa prices.
According to provisional Gross Domestic Product (GDP) estimates released by the Ghana Statistical Service (GSS), cocoa output grew by 3.8% year-on-year during the first quarter of 2026, a sharp slowdown from the 23.1% growth recorded during the same period in 2025.
The latest figures suggest the sector has entered a more moderate growth phase after rebounding strongly last year from the severe contractions experienced throughout much of 2024.
The slowdown also reduced cocoa’s contribution to Ghana’s overall economic growth. Cocoa added 0.9 percentage points to GDP growth in the first quarter, compared with 5.0 percentage points a year earlier, although its share of the economy increased slightly from 1.4% to 1.9%.
Data from the GSS shows that cocoa production contracted for four consecutive quarters in 2024 before staging a strong recovery in 2025. Growth reached 23.1% in the first quarter of 2025, followed by 14.2% and 28.1% in the second and third quarters respectively, before easing to 3.0% in the final quarter of the year and 3.8% in the opening quarter of 2026.
The moderation in cocoa production also weighed on the broader agriculture sector, which expanded by 4.0% in the first quarter of 2026, down from 6.6% during the same period last year.
Overall crop production grew by 4.7%, while forestry posted a strong rebound that helped offset a sharp contraction in the fishing sector.
Despite the slowdown, agriculture remained a key driver of Ghana’s economy, contributing 13.5% to overall GDP growth and accounting for 21.4% of total GDP during the quarter.
Meanwhile, international cocoa prices have recovered, with cocoa futures climbing to nearly US$5,000 per tonne after falling below US$4,000 earlier this year, offering some optimism for the industry’s outlook.
