Money given for food and daily household expenses.
Chop is Ghanaian English for eat, and chop money is the household budget — traditionally given by a husband to a wife, and more broadly by whoever earns to whoever runs the household.
It is a real, discussed, negotiated arrangement rather than a quaint phrase, and it comes up in family conversations, in arguments and in court.
The wider sense of chop — to spend, or to misappropriate — is also live. Dem chop the money means the money is gone.