Cocoa is a key export commodity for Ghana
Cocoa prices went up on Tuesday, February 3, 2026, after reports showed that cocoa deliveries from Ivory Coast, the world’s biggest cocoa producer, are coming in slower than expected.
According to a Bloomberg report, this reversed earlier losses in the market.
The main cocoa contract rose by as much as 2.1 percent after dropping below $4,000, near its lowest level since 2023.
In the current crop season, prices have fallen by 30 percent due to concerns about weak demand and a possible global cocoa surplus. Additionally, market watchers say the recent rebound reflects a technical correction after prices had fallen too quickly.
Last week, farmers in Ivory Coast delivered 33,233 tons of cocoa to the ports. So far this season, which began on October 1, 2025, total deliveries are 1.23 million tons, which is slightly below the 1.29 million tons delivered at the same time last year.
“The market seems to have bounced back after the weekly delivery data was released. This is the second week in a row that deliveries are below last year’s level,” Lucca Bezzon, a market analyst at StoneX is quoted by Bloomberg.
For Ghana, the recent rise in cocoa prices could be positive news for farmers and the economy. Higher global prices may increase earnings for Ghanaian cocoa exporters and boost revenues from cocoa sales.
However, traders caution that the market remains volatile. Ongoing uncertainty in supply, a weaker dollar, and fluctuations in global demand could affect prices in the coming months.
Favorable growing conditions in West Africa are also influencing cocoa prices. Tropical General Investments Group recently noted that ideal weather is expected to boost the February-March 2026 cocoa harvest in both Ivory Coast and Ghana, with farmers reporting larger and healthier pods compared with the same period last year.
Despite the promising outlook, challenges remain for the Ghana Cocoa Board (COCOBOD) to ensure that farmers are paid on time. Cocoa farmers across the country are threatening a nationwide demonstration next week over unpaid monies owed by COCOBOD for cocoa beans supplied since November 2025.
The farmers say months of delayed payments have plunged them into severe financial hardship, affecting their ability to meet basic needs, including healthcare and school fees.
Francis Teinor, President of the Mankrong Cocoa Cooperative Farmers Association, urged COCOBOD and government authorities to act swiftly to clear the arrears to avert disruptions in the cocoa sector.
“It is really affecting farmers. Some are sick and want to seek medication, but they don’t have money to go to the hospital. Do you want them to die? School has reopened and parents want to pay fees,” he said.
“We cannot also keep the cocoa because farmers don’t have the storage facilities. As I speak, it’s been about six weeks, no money for cocoa farmers. This is seriously affecting the sector. If the COCOBOD CEO does not do anything about it, he should expect something ugly from next week. Farmers are not happy, and if he is not careful, we will be on the streets next week,” Teinor added.
With additional files from Bloobmberg and Nasdaq
MA
Source:
www.ghanaweb.com
