Ghana Cocoa Slump Shrinks Trade Surplus, Weakens Cedi

• Ghana's cocoa harvest is smaller than expected, down to 650k-700k tons from 850k tons forecast • This has narrowed Ghana's trade surplus by over 50% in January-February 2024 • Cocoa export revenue fell by almost a third compared to last year • The cedi currency has already lost over 8% of value this year, and faces further risk • Declining cocoa revenues worsen Ghana's external payments and budget deficit position