Cocoa price surge boosts export earnings in Nigeria, Ghana and Côte d’Ivoire despite production declines 

NIGERIA – Nigeria, Ghana and Côte d’Ivoire have recorded strong cocoa export earnings over the past three years, despite mounting production challenges across the region. 

According to the International Cocoa Organization (ICCO), global cocoa prices surged from about US$4,200 per tonne in early 2023 to nearly $12,000 per tonne by late 2024. The sharp increase, driven largely by supply disruptions in major producing countries, significantly boosted export revenues. 

In Nigeria, cocoa export earnings rose sharply, supported by favourable market conditions. Data from the National Bureau of Statistics (NBS) showed exports reached N356.16 billion (US$261.4M) in 2023 before surging to approximately N2.7 trillion (US$1.98B) in 2024, equivalent to about US$1.7 billion. 

The NBS reported a 606 percent increase in cocoa export value in the fourth quarter of 2024 compared with the same period a year earlier. Trade data also indicated that cocoa export earnings in the first quarter of 2025 were more than 200 percent higher than the N421.78 billion (US$309.56M) recorded in the corresponding period of 2024. 

The sector is projected to generate more than N3.6 trillion in export earnings for the full year. Superior-quality cocoa beans alone were valued at N277 billion (US$203.3M) in the second quarter of 2025, while standard-quality beans contributed N208.5 billion (US$153.02M). 

In Ghana, the world’s second-largest cocoa producer, export revenues also increased despite a sharp decline in output. The Auditor-General’s Report released in July 2025 showed cocoa export earnings rose from US$1.26 billion in 2023 to US$1.73 billion in 2024, representing a 37.5 percent increase, even as export volumes fell from 533,057 tonnes to 261,248 tonnes. 

However, data from the Bank of Ghana presented a more subdued outlook, placing full-year 2024 cocoa earnings at approximately US$1.7 billion, the lowest in 15 years in real terms. 

Production in Ghana dropped significantly from over one million tonnes in the 2020/21 season to around 530,873 tonnes in the 2023/24 season. The Ghana Cocoa Board (COCOBOD) described this as the worst harvest in 15 years. 

COCOBOD projected that revenues for the 2025/26 market year could reach US$3.37 billion, supported by a US$4 billion financing package being assembled by international buyers. 

Côte d’Ivoire, the world’s largest cocoa producer, also experienced production declines. According to the Food and Agriculture Organization (FAO), the country produced about 2.38 million tonnes in 2023, accounting for roughly 42 percent of global supply. 

Production in the 2023/24 season fell by 24 percent compared with the previous year, according to the USDA Foreign Agricultural Service. The decline was linked to El Niño-related flooding, brown rot fungal disease, and soil degradation. 

Despite this, Côte d’Ivoire maintained strong export revenues. Data compiled by Ecofin Agency showed the country earned about US$6.2 billion from cocoa in 2024, including US$3.5 billion from unprocessed beans and US$2.7 billion from processed products such as cocoa butter and powder. 

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