Ghana cocoa price increase pushes global prices higher
Ghana’s higher farmgate price is supporting cocoa markets as traders assess cross-border smuggling risks, disease, weather threats and weaker production forecasts across West Africa.
GLOBAL – Global cocoa prices have climbed to a two-week high after Ghana increased the price paid to farmers for the 2026/27 cocoa season, adding to concerns about regional supply.
Ghana’s Cocoa Board (COCOBOD) raised the producer price from GH¢41,392 to GH¢42,400 per tonne, equivalent to about US$3,647, a 2.4% increase. COCOBOD Chief Executive Dr Randy Abbey said the new price followed consultations with farmers, government and industry stakeholders.
“COCOBOD is also expected to continue implementing productivity-enhancement programmes,” Abbey said, referring to measures including free fertiliser, hybrid cocoa seedlings and disease and pest control.
The higher Ghanaian price has widened the gap with neighbouring Ivory Coast, where the 2026/27 farmgate price is about US$2,084 per tonne. Traders cited by Barchart said the difference could encourage some Ivorian farmers and dealers to move cocoa across the border into Ghana to benefit from the higher returns.
Such flows could reduce the volume of cocoa officially reaching Ivorian ports and affect supplies available to international markets.
Cocoa prices are also being supported by concerns over production in West Africa. The US Climate Prediction Center has warned of a strong El Niño pattern, which can bring hotter and drier conditions to the region, reducing soil moisture and putting pressure on cocoa trees.
Ghana is already expecting a smaller 2026/27 crop. COCOBOD’s field survey estimated production at about 650,000 tonnes, down 13% from 750,000 tonnes in 2025/26. Earlier projections indicated output could fall to between 450,000 and 550,000 tonnes because of swollen shoot disease, ageing farms and adverse weather risks.
Ivory Coast, the world’s largest cocoa producer, also faces a weaker outlook, with early estimates putting 2026/27 production at about 1.8 million tonnes, compared with roughly 2.2 million tonnes previously.
Poor pod development and black pod disease in parts of Ghana and Ivory Coast have added to concerns about the next crop.
However, current supplies remain strong. Ivory Coast shipped about 2.18 million tonnes of cocoa to ports between October 2025 and September 27, 2026, nearly 20% more than a year earlier. Ghana produced about 750,000 tonnes in 2025/26, up 25.6% from 597,000 tonnes in 2024/25.
Demand has been mixed. European cocoa processing fell 4.6% in the second quarter, while North American processing rose 7.7% and Asian processing increased 25%.
The combination of stronger current supplies and weaker production forecasts has left the cocoa market balancing immediate availability against risks to the 2026/27 West African crop.
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