Ghana has been ranked the fourth largest exporter of cocoa beans to the European Union between 2021 and 2024, accounting for an average of 53.7 percent of its cocoa bean exports to the bloc, a new report by Fitch Solutions has revealed.
The report places Cameroon at the top of the list as the biggest exporter of cocoa beans to the EU during the period under review with 74.7 percent, followed by Nigeria with 57.8 percent, and Côte d’Ivoire with 57.4 percent. Ghana followed closely in fourth position.
The UK based research firm says the figures highlight the continued dominance of West Africa in the global cocoa trade, but also expose the region’s deep vulnerability to policy shifts within the European Union.
According to Fitch Solutions, West Africa remains the powerhouse of global cocoa, accounting for approximately 65 percent of global production and more than half of global cocoa bean exports. Yet, the region’s participation in the cocoa value chain remains heavily concentrated at the upstream level.
“Despite this, we view the region’s role in the cocoa value chain to be concentrated in upstream production, with much of the value added occurring elsewhere, particularly Europe.’’
Fitch Solutions
The report warns that while domestic processing presents a critical avenue for capturing greater value, new sustainability and traceability requirements are set to become decisive factors in shaping future export flows, especially for cocoa destined for the EU market.
“We believe the EU’s central role in global cocoa bean imports leaves West African producers highly exposed to developments within the bloc,” Fitch Solutions stated. The findings reinforce a long standing concern about value capture in the cocoa industry.
Data cited by CNBC Africa shows that Nigeria, Côte d’Ivoire, Ghana and Cameroon jointly account for roughly 70 percent of global cocoa production, yet they capture only about 6 percent of the value of a finished chocolate bar sold globally.
Fitch Solutions says the traditional model where raw cocoa beans are exported for processing, manufacturing and retailing abroad, is under increasing strain and is likely to be reshaped in the coming years.
“In our view, this traditional model of exporting raw cocoa beans for processing elsewhere will face growing pressure over the coming years, with implications on the composition and direction of global cocoa trade flows.’’
Fitch Solutions
The shift is being driven by two forces which are growing pressure on producing countries to add value locally to create jobs and increase foreign exchange earnings, and growing regulatory demands from consuming markets, particularly the EU, around deforestation-free and traceable supply chains.
EU Dominates Value Addition
West Africa’s export profile clearly illustrates the imbalance. According to data from the International Trade Centre (ITC) referenced in the report, cocoa beans continue to dominate exports from the four major West African producers in 2025.
Cocoa beans accounted for between 5 percent of total exports in Nigeria to 30 percent in Cameroon, averaging 18 percent among the four countries. In contrast, processed and semi processed cocoa products represented a much smaller share of their export baskets.
Cocoa paste averaged just 5 percent, cocoa butter 4 percent, and cocoa powder a mere 1 percent, while chocolate exports remained negligible across all four markets.
This is in sharp contrast to Europe’s position. The EU has consistently accounted for roughly two thirds of global chocolate exports over the past five years, underscoring how much of the value addition and final manufacturing accrues outside the producing countries.
Fitch Solutions notes that higher value cocoa products including cocoa paste, butter, powder and finished chocolate are predominantly exported by the EU, not by the countries that grow the crop.
Implications for Ghana and West Africa
For Ghana, which is the world’s second largest cocoa producer after Côte d’Ivoire, the report presents both a warning and an opportunity. The country’s ranking as the fourth largest exporter of beans to Europe shows its continued reliance on the EU market.
Any tightening of EU sustainability rules, including the EU Deforestation Regulation (EUDR) and stricter traceability and child labour due diligence requirements, could have direct implications for export volumes and competitiveness.
The firm expects sustainability and traceability compliance to become increasingly important in determining which origins maintain and grow market share in Europe.
Producers who can demonstrate deforestation free, fully traceable supply chains will be better positioned, while those who cannot risk losing access. At the same time, the report strengthens the case for Ghana’s ongoing investments in local processing and value addition.
The Ghana Cocoa Board (COCOBOD) and private sector players have in recent years pushed to increase domestic grinding capacity and to promote consumption of locally made chocolate and cocoa products.
However, challenges remain, including high cost of processing, access to finance, energy costs, and competition from well-established European grinders and chocolate manufacturers who benefit from economies of scale, proximity to end consumers and lower trade barriers within the EU.
The need for a long term solution for Ghana and its West African neighbours lies in a strategic shift from being raw bean exporters to becoming significant players in the midstream and downstream segments of the global cocoa value chain.
That would require coordinated policies to incentivise local processing, investment in infrastructure, compliance with international standards, and leveraging platforms such as the African Continental Free Trade Area (AfCFTA) to develop regional markets for processed cocoa products before competing globally.
Without such a shift, Fitch Solutions suggests, West Africa will continue to dominate production numbers but remain marginal in terms of value capture, while Europe retains its central role as the hub where cocoa is transformed into wealth.
The report concludes that the next five years will be critical in determining the future structure of global cocoa trade flows, with sustainability regulations and value addition strategies becoming the defining factors.
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