In recent years, Côte d’Ivoire and Ghana have solidified their positions as the world’s leading cocoa producers, jointly dominating 60% of the global cocoa supply. The strategic importance of these West African nations in the cocoa industry has sparked significant interest and discussions within the international market.West Africa’s Cote d’Ivoire — or the Ivory Coast — is the world’s largest cocoa producer, accounting for about 44% of global production, while neighboring Ghana accounts for about 14%.
Côte d’Ivoire, often recognized as the single largest cocoa producer globally, has consistently increased its cocoa output, contributing significantly to the country’s economic development. Since its independence, Côte d’Ivoire’s economic development has been based primarily on agriculture, particularly cocoa farming. Cocoa, is the main driver of the country’s economic growth. It contributes around 15% of GDP and over 40% of export earnings.
Ghana, a close competitor, has been equally instrumental in shaping the dynamics of the cocoa market. For the 2023/24 season which is expected to start on Friday, Ghana’s cocoa regulator expects output to reach 800,000 tonnes, according to the COCOBOD source. “Our projections are 800,000 tonnes for the new season. The weather conditions have been more favourable,” the COCOBOD source said.
In April 2023, merchandise exports for cocoa beans and products contributed $227.88 million to Ghana’s GDP. Ghana produced an estimated 683 thousand tonnes of cocoa beans in the 2021/2022 crop season, representing 19% of Africa’s total production.
This duopoly’s impact on global cocoa prices and trade policies cannot be overstated. The decisions made by Côte d’Ivoire and Ghana regarding production, pricing, and sustainability initiatives resonate throughout the industry, affecting chocolate manufacturers, traders, and consumers worldwide. The cooperative efforts between the two nations have led to the implementation of initiatives aimed at ensuring fair pricing for cocoa farmers and promoting environmentally sustainable practices.
As concerns about fair trade and ethical sourcing gain momentum, the role of Côte d’Ivoire and Ghana becomes increasingly pivotal. These nations are at the forefront of discussions on improving the livelihoods of cocoa farmers, eradicating child labor, and fostering sustainable agricultural practices. Their actions set standards for the industry, prompting other cocoa-producing countries to follow suit.
However, challenges persist, including issues of deforestation, fair compensation for farmers, and the need for more comprehensive sustainability practices. The global community watches closely as Côte d’Ivoire and Ghana navigate these challenges, recognizing that their solutions will likely shape the future of the cocoa industry.
Africa accounts for nearly 75% of global cocoa production, while the Americas — including Brazil and Ecuador — make up 20%, according to the International Cocoa Organization. Asia-Pacific produces the remaining 5%, with Indonesia and Papua New Guinea being the largest producers in the region.