Cocoa farmers in Ghana and neighbouring Côte d’Ivoire are facing financial hardship as global cocoa prices fall sharply and buyers struggle to pay for beans at profitable rates.
Despite recent increases in the cost of chocolate products worldwide, many growers have not received payment for crops delivered months ago, leaving rural communities under severe economic pressure.
The downturn follows a period of high cocoa prices in 2024, which encouraged optimism among producers. However, world prices have since plunged, making beans from West Africa, which supplies most of the world’s cocoa, too expensive for many international traders. As a result, stockpiles of unsold beans have built up in warehouses, and payments owed to farmers remain pending.
The Ghana Cocoa Board (Cocobod) has intervened by purchasing unsold stocks to support the sector, and has cut the price it guarantees to growers in an effort to align with current market levels. Yet many farmers say the reduced rates still fail to cover production costs, and some report being unable to afford basic needs such as healthcare and education for their families.
In Côte d’Ivoire, similar challenges are emerging. Large quantities of beans are stored unsold as cooperatives struggle to find buyers at a price that makes financial sense. The government there has also adjusted the price paid to farmers, hoping to stimulate sales, but producers say the income remains insufficient.
Cocoa is a major economic driver in both countries, supporting hundreds of thousands of farming households and contributing significantly to national export earnings. With no immediate turnaround in sight for the global chocolate market, farmers and industry observers warn that the slump could have lasting effects on West Africa’s cocoa sector and rural livelihoods.