Ghana earned $500.4 million from cocoa exports in the first half of 2005, down from $564.9 million in the same period last year on a fall in output, the Bank of Ghana's Monetary Policy Committee (MPC) said on Wednesday.

"After topping 700,000 tonnes in 2003/2004, cocoa production in 2004/2005 is estimated at some 550,000 tonnes," a Bank of Ghana news release said.

In May the government-run industry regulator Cocobod lowered its 2004/05 production estimate for the world's second-biggest producer to 600,000 tonnes from a previous figure of 700,000.

Cocobod put 2003/04 output at 700,000 tonnes.

Cocobod acting chief executive Tony Fofie declined to say whether the Bank of Ghana's figure indicated another cut in production estimates.

"We are still reviewing our production figures...we are not fixed on any actual figure of 600,000 (tonnes)...We are still looking at...whether we will maintain our forecast," he told Reuters.