Farmers in West Africa confront a critical dilemma. “If I prioritize my children’s education and risk a reduced harvest, we may lack funds for food. Alternatively, should I remove them from school to increase production and secure three daily meals?” expressed a Cote d’Ivoire cocoa farmer to DW.
Cocoa prices have sharply declined following a record $13,000 (€11,000) metric ton surge in 2024. By early April 2026, the global market price temporarily dropped to $3,000, a 75% decrease over a year.
The decline has severely affected the roughly 2.5 million smallholder farmers cultivating cocoa in West Africa.
Producers like Firmin Coulibaly from Cote d’Ivoire are compelled to sell beans at unfavorable rates. “Farmers are enduring poverty despite having crops. They lack funds for medicine or food,” Coulibaly stated to DW.
In Ghana, farmers also face payment delays as middlemen have ceased purchasing cocoa. “Due to delayed payments, I can’t compensate the harvesters,” said Emmanuel Nojor. “This has ruined my harvest.”
He noted that payments have been withheld for approximately five months.
Essential expenses such as medicine, pesticides, and laborer wages are unattainable. “I intended to use part of the funds for my child’s school fees, which I haven’t paid yet. He’s at home and missed exams,” Nojor added.
Causes of the Cocoa Price Drop
The International Cocoa Organization (ICCO) attributes the 2024 price spike to poor harvests in West Africa, creating a supply shortage.
“Climate change is affecting tropical regions,” agricultural economist Tancrede Voituriez explained. “Droughts followed by heavy rains reduce production,” Voituriez added, noting that diseases like the cocoa swollen shoot virus and speculative trading also limited supply and increased prices.
The price collapse followed. As improved harvests were anticipated, traders prematurely sold contracts to secure profits. Simultaneously, the World Bank reported that elevated prices had reduced chocolate industry demand, as companies used less cocoa and shifted to alternatives. A stronger US dollar further contributed to the price drop.
Cote d’Ivoire and Ghana, producing about two-thirds of global cocoa, face concentrated export control by a few corporations. Low market prices have led these entities to significantly cut purchases.
Consequently, cocoa accumulates in ports while many farmers are left with unsold harvests. Observers suspect this is a calculated strategy to pressure government pricing systems into lowering prices.
In Cote d’Ivoire alone, $487 million worth of cocoa remains unsold as traders and exporters avoid buying at current rates.
Wisdom Dogbey, executive director of Ghana’s Cocoa Board (COCOBOD), defends the agency’s marketing approach. COCOBOD, which collaborates with the Ghana Cocoa Marketing Company (CMC) as an intermediary, reports that 85-90% of the 2025/26 harvest was already sold before the crisis.
Agricultural Interventions by West African Nations
In early February, Ghana lowered the government-set producer price. The Cote d’Ivoire Conseil du Cafe-Cacao (CCC) also regulated prices, setting the rate at $4.87 per kilogram in early October to safeguard farmers.
However, global prices plummeted afterward. Moussa Kone, president of a Cote d’Ivoire cocoa farmers’ union, criticizes the regulatory body. “They failed to sell sufficient cocoa in advance. Over 700,000 metric tons remain with farmers, who are unsure how to proceed,” Kone stated.
The crisis underscores a structural issue. African nations mainly export raw cocoa, with value added abroad. “Chocolate manufacturers earn significantly higher margins than traders,” Voituriez noted. “Traders typically gain only 1% of the profit.”
Cote d’Ivoire Sets Record Kilo Price for Cocoa
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The price drop could create opportunities, according to the Ecofin Agency, a Swiss media outlet covering African economic issues.
However, Friedel Hütz-Adams of the Südwind Institute for Economics and Ecumenism, which conducts action-oriented research on global economics, identified persistent challenges. “International markets require standardized flavor, achievable only through regional cocoa blending, complicating local processing,” Hütz-Adams explained.
“All European-sourcing countries must cease cocoa procurement from illegally deforested forests,” Voituriez emphasized. “Chocolate companies face pressure to alter sourcing practices. Certifications like Fairtrade, requiring higher social and environmental standards, are gaining traction.”
A key solution is the Chocolate Scorecard from the “Be Slavery Free” initiative, which annually evaluates chocolate companies’ sustainability. On average, German companies score below the global benchmark, particularly in gender equality, child labor, and living wages.
The latter remains critical—over half of surveyed farmers do not earn a living wage. However, the scorecard shows improvement is possible. Brands like Tony’s Chocolonely, Ritter Sport, and Original Beans commit to higher cocoa prices to ensure fair wages.
Hütz-Adams stressed that reforms are urgent: “Over time, a fixed price has led to severe human rights violations.”
Ivory Coast Combats Child Labor for Chocolate
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Hütz-Adams suggested prices must rise to at least $4,000 per metric ton and be protected against drops so families can survive without child labor. Otherwise, chocolate will never benefit all value chain participants.
Julien Adaye in Cote d’Ivoire and Claudia Lacave in Ghana contributed to this report.
Edited by: Chrispin Mwakideu
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