Cocoa prices surge to $4,800 per tonne on global supply fears

International cocoa prices surged to $4,800 per metric tonne this week, the highest level since the commodity’s record run of 2023, as markets reacted to reports of below-average mid-crop production in both Ghana and Côte d’Ivoire and a persistent draw-down of global cocoa stocks.nnGhana’s Cocoa Board confirmed that the 2025/26 main crop came in at 680,000 tonnes, about 12 percent below initial projections, due to dry season rains arriving three weeks late in the Western and Central Regions. Industry analysts had forecast closer to 750,000 tonnes.nnThe shortfall is creating upward pressure at a time when European chocolate manufacturers are restocking after running down inventories through 2025 to avoid paying premium prices. Processing margins for grinding companies have widened significantly as competition for available beans intensifies.nnCOCOBOD Chief Executive Joseph Boahen Aidoo said the board was working to secure additional fertiliser and agronomy support to boost the 2026/27 main crop. “We are taking deliberate steps to increase yields per hectare through our hi-tech programme. Farmers will see the benefit of current prices in their income next season,” he said.nnFor Ghanaian farmers, the price rise translates into higher producer prices at the farmgate, where COCOBOD has already announced a 22 percent increase to GH¢3,100 per bag of 64 kilograms.nnSustainability certification bodies including Rainforest Alliance and Fairtrade noted that certified beans command an additional premium of between $200 and $400 per tonne, and urged more farmers to pursue certification while prices are favourable.