West Africa’s cocoa giants, the Ivory Coast and Ghana, grapple with identical woes: dried beans piled high in homes and warehouses, exporters shunning fixed prices, and farmers unpaid for months. Global prices have crashed from 2024 peaks, leaving cooperatives debt-ridden and harvests rotting. Yet, Ghana may hold the edge for recovery through bold reforms.
In the Ivory Coast, the world’s top producer (2.1 million tons annually), unsold bags stack “to the ceiling” in Duekoue warehouses, as noted by cooperative head Sekou Dagnogo. Farmers like Kouassi Kouassi in Remikro store pods at home, forced to slash prices to 1,500 CFA/kg despite the official 2,800 CFA/kg (~$5/kg). The Coffee and Cocoa Council (CCC) bought 123,000 tons via buyback to avert quality loss, but cooperatives owe farmers heavily.
Ghana mirrors this: Cocobod reports 50,000 tons unsold at ports, with licensed buyers unpaid since November due to trader financing snags. Farmers risk skipping pruning/fertilising, per the associations. The cabinet ordered repayments on February 12, alongside a 28% farmgate cut to GH¢2,587/64kg bag (~$236).
Historically, cocoa transformed both: Ghana pioneered in 1879 under British rule, peaking until the Ivory Coast surged post-1970s via migrants and incentives, overtaking it in 1978. Together, they supply 60% globally but rely on raw exports.
Ghana stands best positioned in the short term. Its 10 reforms include cocoa bonds for 2026/27 financing, Cocobod audits, and 50% local processing from next season—up from ~40% capacity. Ivory Coast focuses on buybacks and potential cuts, eyeing diversification like oil.
If Ghana processes 50% of its ~850,000 tons/year, it unlocks $2-3 billion extra revenue via chocolate/paste, creates thousands of jobs, cuts import reliance, and boosts GDP (cocoa=8%). Under the new policy, incentives like duty exemptions and Living Income Differential ensure farmer shares, stabilising supply chains long-term.
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