Cocoa bean prices have been rising since the last quarter of 2023, hitting a record high of $10.97 per kilogram on April 19. 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%). This article explores the various impacts and implications of rising cocoa prices for the main producers in West Africa.
