Despite cocoa prices hitting record levels on the global market over the past 18 months, Ghanaian cocoa farmers and the Ghana Cocoa Board (COCOBOD) did not reap the anticipated financial benefits. Instead, COCOBOD has reported losses following a sharp correction in international prices, fuelling concerns about a potential reduction in next year’s Free on Board (FOB) price.
According to COCOBOD, the global price surge failed to translate into improved earnings for either the Board or local farmers. Ghana exports between 850,000 and one million metric tonnes of cocoa annually, with more than 70 per cent of exports going to European markets.
However, during the 2023/2024 cocoa season, approximately 330,000 tonnes of contracted cocoa were not delivered, resulting in rollovers that deferred delivery and payments into subsequent years.
COCOBOD Chief Executive Officer, Randy Abbey, described the situation as regrettable, noting that the period of record-high prices instead led to financial losses for the sector. He added that the international cocoa market has since experienced a sharp downturn, heightening concerns about future revenues.
Global cocoa prices, which previously peaked at around US$12,000 per tonne, have fallen to about US$5,000 per tonne. As of Friday, December 19, 2025, cocoa was trading at US$5,845 per tonne on the international market.
COCOBOD warned that a prolonged decline in prices could affect cocoa pricing in the next crop year. Mr Abbey explained that the FOB price for the current season was set at 72 per cent, but maintaining that level may be difficult if global prices continue to weaken.
“If prices do not recover, there is likely to be a reduction in the FOB price next year as global market prices continue their downward trend,” he cautioned.
The situation highlights the mounting challenges facing Ghana’s cocoa sector as it grapples with volatility in global commodity markets while striving to protect farmer incomes and ensure long-term stability of the industry.
