By: Gareth Austin

This article reexamines the Ghanaian cocoa industry’s rapid expansion from 1890 to 1936, challenging the “vent-for-surplus” theory. It argues that the industry’s growth was a significant economic development, reflecting substantial fixed capital investment. The study underscores the importance of considering the entire geographical spread of cocoa planting, detailing how cocoa cultivation extended beyond its initial cradle, significantly contributing to Ghana’s economic landscape