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Soaring cocoa prices: Diverse impacts and implications for key West African producers

May 10th, 2024 • by MARTIN PAUL JR. TABE-OJONG, ONASIS THARCISSE ADETUMI GUEDEGBE, AND JOSEPH GLAUBER

Cocoa bean prices have been rising since the last quarter of 2023, hitting a record high of $10.97 per kilogram on April 19 (Figure 1). The price spike is due to a significant drop in bean production by major global suppliers—four key producing nations in West and Central Africa account for more than 60% of the world's supply of cocoa beans: Cote d’Ivoire (with 38% of the global production in 2022), Ghana (19%), Nigeria (5%), and Cameroon (5%).1