Abstract
Cocoa export is the biggest source of Ghana’s core revenue from agriculture. This study employs the cointegration approach to measure the impact of the factors that influenced cocoa export performance in Ghana after the cocoa rehabilitation project was introduced into the cocoa sector from 1988 to 1993 by analyzing relevant time series data from 1988 to 2018. The results of the analyses show that all the variables used in the study do not substantially influence cocoa exports in the long run. The study concludes that even though the cocoa rehabilitation project may have had a lasting impact on the performance of the cocoa sector in recent years; resulting in increments in foreign exchange revenue, production and exports, the project to a larger extent has failed to adequately cater for all of the needs of the most important stakeholder of the cash crop—the farmer. The study recommends that Government should restructure and empower the Ghana Cocoa Board through the Ministry of Food and Agriculture to ensure proper supervision and accountability in the management of cocoa sector reforms.
Highlights
The Cocoa Rehabilitation Project (CRP) was a Government of Ghana initiative and part of the Economic Recovery Program (ERP) package under the supervision of the World Bank (WB) and the International Monetary Fund (IMF)
In order to have a full understanding of the extent of the relationship among the explanatory variables and the response variable, the long run model was assessed with the understanding of how the variables were assumed to have an effect on cocoa exports from Ghana based on the Engel-Granger methodology
The study concludes that besides gross domestic product (GDP) growth rate which is marginally significant and has a positive impact on cocoa export performance in Ghana, all the other variables exhibit a negative relationship with Ghana cocoa exports in the long run
Summary
The Cocoa Rehabilitation Project (CRP) was a Government of Ghana initiative and part of the Economic Recovery Program (ERP) package under the supervision of the World Bank (WB) and the International Monetary Fund (IMF). The project value was 100 UA million from start to completion
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