The country’s dominance reflects its long-established role as a global cocoa processing and food manufacturing hub, centred around the Port of Amsterdam and advanced agri-processing infrastructure.

Malaysia ranked second with 12.2% of global exports worth $422 million, underscoring Southeast Asia’s growing importance in value-added food processing, even though much of its cocoa is imported.

Germany followed closely, exporting $364 million worth of hot chocolate products, while Indonesia and Spain rounded out the top five exporters.

Data from World ’s Top Exports confirms that countries leading hot chocolate exports are typically those with strong food processing industries, advanced logistics, and access to global markets, rather than simply cocoa production alone.

This explains why France, Singapore, the United States and Brazil also feature among the top exporters, each leveraging manufacturing capacity, branding, and distribution networks to compete globally.

Notably, Ghana, one of the world’s largest cocoa producers, appears on the list with $142 million in exports, reflecting gradual progress in moving beyond raw cocoa exports toward finished and semi-finished chocolate products, an issue long debated in African trade and industrialisation policy .

The hot chocolate trade figures come amid broader shifts in global food markets. Rising cocoa prices, driven by climate-related supply disruptions in West Africa and tighter global stocks, have placed pressure on manufacturers worldwide.

In 2024, cocoa prices reached multi-decade highs , prompting concerns about inflation in chocolate and confectionery products.

At the same time, global demand for premium and ready-to-drink chocolate beverages has risen, particularly in Europe, North America and parts of Asia, boosting export volumes despite higher input costs.

“US diplomats confirm to me that the 15% tariff reversal came into effect on November 13, 2025, following President Trump’s new Executive Order,” the foreign minister stated.

Ghana, with a population of about 34 million, is the second largest producer of cocoa globally, behind Côte d'Ivoire.

Its annual cocoa exports to the United States are estimated at 78,000 metric tons. With the current global price at $5,300 per metric ton, the country is expected to generate an additional US$60 million (approximately GHS667 million) in annual revenue following the tariff removal.

In addition to cocoa, the tariff removal also applies to several other Ghanaian agricultural exports, including cashew nut, avocado, banana, mango, orange, lime, plantain, pineapple, guava, coconut, ginger, and various types of pepper.

This development follows President John Dramani Mahama’s earlier disclosure on October 1 that Ghana was in active negotiations with the U.S. to address the tariff. The 15% duty had been introduced by President Trump on July 31 through an executive order, causing concern among Ghanaian exporters and policymakers.

President Mahama noted that the negotiations also covered the possible renewal of the African Growth and Opportunity Act (AGOA), which previously allowed duty-free access for certain African exports to the U.S.

“Negotiations are ongoing with regard to the trade tariffs of 15% and the renewal of AGOA, which was a zero per cent tariff on African nations, and so those negotiations are still ongoing,” President Mahama said.

AGOA expired on September 30, 2025, after providing 25 years of preferential access for eligible sub-Saharan African countries to the U.S. market.

The cancellation of the tariff comes at a time of changing diplomatic relations between Ghana and the United States. This period includes Ghana’s agreement to receive nationals deported from the U.S. under President Trump’s immigration enforcement policy.

The giant behind the cocoa supply

Africa produces over 70% of the world’s cocoa, with Côte d’Ivoire and Ghana leading global supply.

Yet despite this dominance, Africa captures less than 5% of the global chocolate market value. Most of the wealth is made after cocoa leaves African shores through processing, branding, and retail.

Why Africa eats the least chocolate

Despite being the world’s largest cocoa source, chocolate consumption in Africa remains extremely low:

Reasons include affordability, limited local processing, low exposure, and the fact that chocolate has historically been marketed as a luxury import rather than a locally crafted product.

The world’s best chocolate

In a surprising twist, Peru was recently awarded the title of “World’s Best Chocolate” in global competitions such as the International Chocolate Awards and the Salon du Chocolat recognitions. Peru produces far less cocoa than West Africa , around 2% of global supply, but has invested heavily in:

By controlling more of the value chain, Peru has achieved what many African producers aspire to: global recognition for premium chocolate, not just raw cocoa.

The politics of value chains

The chocolate industry remains shaped by colonial trading patterns:

Efforts by Ghana and Côte d’Ivoire to impose a Living Income Differential (LID) show the struggle for fair pricing and better livelihoods for farmers who remain among the poorest in the agricultural sector.

Reframing the future

The future of chocolate depends on shifting power:

As chocolate continues to shape global tastes and economies, the question remains: Will Africa continue feeding the world or begin feeding itself?

Click here to watch our previous episodes

World Reframed is produced in London by  Global South  World, part of the Impactum Group. Its editors are Duncan Hooper and Ismail Akwei.

ISSN 2978-4891

Crafted by Cacaosuyo using cacao from Junin, the bar was named the overall winner at this year’s global competition.

Known informally as the “Chocolate Oscars,” the International Chocolate Awards are organised by a global network of specialists in cacao, gastronomy, and sensory analysis. The competition follows a regional format, with the Latin American round held in April and the final event taking place in Florence, Italy.

“On a personal level, having created a chocolate that has been recognised as the best in the world is an immense joy, because the idea and the whole concept of cacao came from the very beginning. The goal was to present Peruvian cacao to the world through our chocolate,” said Samir Giha, founder of Theobroma Inversiones and creator of the Cacaosuyo brand.

“I decided to make chocolate 12 years ago because it was something I was passionate about. I loved chocolate, and my daughters and I would talk about creating something nutritious but also delicious and sweet,” he told Viory.

Cacaosuyo has received consistent recognition in recent years. Its dark chocolate bars from Amazonas, Cusco, and Piura have earned World Gold for four consecutive years. The Piura Milk bar has also won five World Gold awards, including one for best milk chocolate.

In this year’s final, the El Ganso 70% bar outperformed entries from Europe , Africa, and Asia. The 2025 competition saw over 3,500 chocolate samples submitted from across the world. Latin American producers were well represented, with at least ten countries participating.

Cocoa, the raw ingredient behind chocolate, carries a premium because of its narrow supply base and sensitive growing conditions. Recent data from International Cocoa Organization (ICCO) show cocoa beans trading at roughly US$5,900 per tonne.

Meanwhile, commodity trackers like Trading Economics report futures near US$6,485/tonne.

In producing nations such as Ghana, complications add to the story. Ghana’s government raised its fixed farm-gate price for cocoa by nearly 45 % in September 2024 — from 33,120 to 48,000 Ghanaian cedis (about US$3,070 per tonne) — to support farmers and curb bean smuggling.

And though prices recently eased (global cocoa futures dropped toward US$6,120/tonne, close to a 20-month low) they still reflect underlying supply vulnerability. Climate shocks, disease in West Africa, and ageing tree stocks all press on cocoa’s supply side.

In contrast, steel is an industrial commodity in vast supply. Global indices from sources like MEPS International show world steel prices per tonne in the hundreds of US dollars. Another tracker puts hot-rolled band export prices at around US$470/tonne.

Steel’s value is tied more to volume, infrastructure use and global economic cycles. For example, press reports show steel prices in India dropping to five-year lows as demand from construction slows.

Côte d’Ivoire is the second-largest cocoa producer in the world. The country sends between 200,000 and 300,000 tonnes of cocoa to the United States each year for the production of chocolate, among other things.

Côte d’Ivoire’s agriculture minister, Kouassi Adjoumani, warned that the country could raise the price of cocoa in response to the new U.S. tariffs. He said this would lead to higher chocolate prices for everyone.

“When you tax our product that we export to your country, we will increase the price of cocoa and that will have a repercussion on the price to the consumer,” he was quoted by the NorthAfrica Post .

The country already plans to cut cocoa exports because of poor harvests.

Heavy rains have hit cocoa farms two years in a row, damaging crops. Many farmers are also struggling with a disease called Cocoa Swollen Shoot Virus, which has reduced cocoa harvests by up to half in some areas.

Cocoa is very important to Côte d’Ivoire’s economy . It brings in about half of the country’s export income and gives jobs to one in five people in the country.

Experts believe Côte d’Ivoire may increase its cocoa export tax to deal with the new U.S. tariffs, which could push global cocoa prices even higher.

This decision comes after two years of weak harvests caused by heavy rains, ageing plantations, and plant diseases.

The Cocoa Swollen Shoot Virus (CSSV), which has troubled cocoa farmers for years, has cut yields by up to 50% in some areas.

Bad weather has also damaged crops, leaving warehouses nearly empty. The government says this year’s harvest could be three to four times smaller than usual.

Cocoa makes up half of the country’s export revenue and provides work for about a fifth of the population.

However, the poor harvest has pushed cocoa prices to record highs. In 2024, prices soared to $11,000 per metric ton, compared to around $2,500 in previous years.

The price increase has affected chocolate makers around the world. Many had to raise prices, with chocolate in the United States becoming 10% more expensive in 2023.

The shortage of cocoa beans has made it harder for chocolate companies to make a profit.

Cocoa is a precious ingredient and a daily commodity. However, it is facing a climate change crisis, which has caused its prices to skyrocket in recent years.

According to Christian Aid in the UK, there is a staggering 400% surge in the wholesale prices of cocoa.

"In the UK we eat about 10 kilogrammes per person per chocolate every year, which is quite a stack and we love it. But we could see a collapse because if cocoa isn't being produced, if it's not if the crops aren't protected, then simply we won't have the crops. So chocolate will become a luxury. We take it as an everyday commodity. It will become a luxury that only a few people can afford the type of quality and quantity that they want. So Valentine's Day may be up for grabs in the future," the head of Christian Aid's global advocacy and policy, Graham Gordon told AFP.

In a significant plea, graduates from blacklisted universities in Togo and Benin Republic are urging the Nigerian Federal Government to overturn its invalidation of their degrees. This ruling, which is based on a certificate racketeering report, has inflicted considerable stigma on over 30,000 graduates, prompting a call for intervention from the National Assembly. According to Punch , the affected individuals have branded the decision as traumatic, urging the Education Minister, Tahir Mamman, to reconsider his stance, as they assert that the institutions in question are accredited and reputable. They highlight that systemic issues within Nigeria's education framework have pushed students to pursue education abroad.

Goal to become Africa's Shenzhen

Togo is poised to reshape its economic landscape with aspirations to become Africa's Shenzhen, supported by China. Xie Yanshen, president of the Overseas Chinese Association in Togo, highlighted the potential of China-Africa partnerships, anticipating a peak in cooperation between these regions. The emphasis is on a collective quest for modernisation, promising significant prospects for economic growth and integration as reported by ECNS . Togo's commendable business climate reforms have garnered it a ranking of fifteenth globally and first in Africa for ease of starting a business, reflecting its dedication to improving its investment landscape. This encompasses key initiatives: the establishment of specialised courts for enforcing contracts, digitisation of cross-border trading processes, and reforms in construction permit acquisition.

Ruto courts support for Raila in Togo

On September 4, 2024, Ruto met with Togolese President Faure Essozimna and Malian President Colonel Assimi Goita at the FOCAC summit in Beijing. Raila, Kenya’s candidate for the February 2025 AUC chairmanship, also attended. Ruto shared on X that they discussed support for Raila's candidacy and a pan-African Congress in Lome, Togo, later this year. According to People Daily , Ruto underscored the importance of unity within Africa to address collective aspirations, such as the Continental Agenda 2063. The upcoming pan-African Congress in Togo will serve as a platform for Odinga's bid, which faces considerable competition in a crucial election requiring a two-thirds majority.

Calls for more women in finance auditing

Togo's Court of Auditors aims for 30% female representation in public finance audit bodies by 2025. Currently, only one of 20 magistrates is a woman, and gender imbalances exist in other institutions. The Court's new law emphasises strengthening the female workforce in key agencies. This initiative was launched at an August 30, 2024 symposium in Lomé, organized with GIZ, reports Togo First .

Registration deadline for the 2024-2025 coffee and cocoa extended

The Coordination Committee for Coffee and Cocoa Sectors (CCFCC) in Togo has extended the registration deadline for the 2024-2025 marketing season to September 16. Operators with incomplete applications are urged to finalise their documents. Approved exporters will be announced after this period. Coffee and cocoa exports have risen, with the 2022-2023 season seeing increases of 9% and 63%, respectively, reports Togo First .

Switzerland is renowned for its high-quality chocolate, and it's no surprise that the Swiss tops the list with an average consumption of 8.8 kg (19.4 pounds) per person per year.

Coming in second is Austria with an average annual chocolate consumption of 8.1 kg (17.8 pounds) per person.

Germany is famous and places third in its chocolate market, with an average annual consumption of 7.9 kg (17.4 pounds) per person. German chocolate is known for its high cocoa content and delicious flavour.

The chocolatey list continues with Ireland consuming an average of 7.9 kg (17.4 pounds) of chocolate per person per year, making it fourth in rank.

The UK is fifth on the list as it consumes an average of 7.6 kg (16.7 pounds) of chocolate per person per year.

Additionally, Sweden follows in sixth place with a per capita consumption of an average of 6.6 kg (14.5 pounds) of chocolate per person per year

Estonia ranks seventh by consuming an average of 6.5 kg (14.3 pounds) of chocolate per person per year, while Norway consumes an average of 5.8 kg (12.7 pounds) of chocolate per person per year, making it eighth on the list.

The last two countries of the ten include Poland which consumes an average of 5.7 kg (12.5 pounds) of chocolate and Belgium consumes an average of 5.6 kg (12.3 pounds) of chocolate per person annually, making them ninth and tenth on the list respectively.

Below is a graphical representation of the top 10 countries by World Visualized:

Cote d'Ivoire has introduced direct debit as the sole method of tax payment. According to APA News , the government aims to optimise tax collection with this measure. On Wednesday, May 22, 2024, an ordinance amending Article 97 of the tax procedure book, along with the related ratification bill, was adopted at the end of a Council of Ministers meeting held at the presidential palace. This ordinance establishes "direct debit as the sole method of tax payment" for taxpayers connected to a real taxation system, intending to address the issues caused by other payment methods.

Top-rated sovereign in Sub-Saharan Africa

Côte d’Ivoire has surpassed South Africa to become the top-rated sovereign in sub-Saharan Africa, according to S&P Global Ratings. This is due to an improving debt profile and the issuance of $2.6 billion in Eurobonds, demonstrating the country’s fiscal strength. The North Africa Post also reports that Cote d'Ivoire's economy is projected to expand by 6.5% in 2024, and the yield on its debt has fallen to a low level. The IMF projects a robust growth rate for Côte d’Ivoire, despite a decline in cocoa production.

Cocoa farmers struggle to live

Ivorian cocoa farmers in Aboude face challenges due to climate change and market inequality. They also face decreased cocoa harvests and struggle to make a living. According to Aljazeera , international chocolate companies profit while farmers barely survive. The government has raised cocoa prices, but farmers still hope for further increases. “We have to check on our fruit daily. Every three months, it becomes ripe and we can harvest it. But harvest hasn’t been good at all lately,” says Magne Akoua, a cocoa farmer. The global chocolate market is worth billions, but local farmers struggle to compete with multinational companies. Farmers question who benefits from their cocoa and hope to see more of the profits.

Ouatarra to participate in Ukraine Peace Summit

Ukrainian President Zelensky has confirmed that Ivorian President Alassane Ouattara will participate in the Peace Summit. Zelensky had a telephone conversation with Ivorian President Alassane Ouattara to discuss bilateral relations and international cooperation."In the spring, Ukraine opened an embassy in Abidjan. I expect this will significantly enhance communication between our countries. Ukrainian peacekeepers made a significant contribution to restoring peace in Côte d'Ivoire. Now, Ukraine needs a just peace. Therefore, I am glad I can count on Côte d'Ivoire's participation in the Peace Summit," Zelensky wrote on his Telegram channel. He also congratulated Ouattara on the upcoming Africa Day, reports Interfax Ukraine .

Côte d’Ivoire to recycle polypropylene bags

LafargeHolcim Côte d'Ivoire, a cement company, is partnering with Grafica Ivoire to recycle polypropylene bags into various products, including school kits. According to APA News , the companies have also launched a pilot sanitation program to promote environmentally responsible practices. This initiative demonstrates their commitment to sustainable development and compliance with environmental regulations in Côte d’Ivoire.

Here are the top five cocoa-producing nations whose annual surplus continually boosts their gross domestic products (GDPs).

Cote d'Ivoire

Cote d'Ivoire continues to hold its position as the leading cocoa-producing nation globally by contributing 44% of the total production. According to a 2024 report from Statista , Cote d'Ivoire harvested around 1.45 million tons of cocoa beans in the 2012/2013 season. The country is projected to increase cocoa production to 1.8 million tons by the end of the 2024 season.

Ghana

As usual, Ghana closely follows, contributing 14% to the world's total cocoa production. According to Joseph Aidoo , the Chief Executive Officer of the Ghana Cocoa Board, the country is projected to produce between 650,000 to 700,000 tons of cocoa beans by the end of the 2023-2024 season, compared to an earlier forecast of 850,000 tons. The season concludes in September.

Ecuador

Ecuador typically produces an average of 337,000 tons of cocoa annually. However, in the 2022/2023 crop year, production increased to 454,000 tons . As the third-largest cocoa producer, it holds a 9% share of the global output. Nevertheless, forecasts indicate a slight dip in production for the 2023/2024 season, with an expected output of 430 thousand tons, lower than the previous year's yield.

Cameroon

Cameroon contributes 6% of the world's total cocoa production in 300,000 metric tons. Statista projects Cameroon to produce 300,000 tons of cocoa in the 2023/2024 crop year. The country has always shown its prowess in cocoa production, producing 225,000 tons of cocoa beans in 2012/2013.

Nigeria

Just like Cameroon, Nigeria contributes 6% of the global cocoa production. Visual Capitalist shows Nigeria produced around 280,000 tons of cocoa beans in 2022. The country, however, produced around 238,000 tons of cocoa beans in 2023, according to Statista . It is expected to improve with a production of about 270 thousand tons in 2023/2024.

While cocoa farmers in Cameroon and Nigeria have reaped the benefits of liberalized markets, their counterparts in Côte d’Ivoire and Ghana have largely missed out due to predetermined prices set by regulators. However, there are signs of potential change as the Ivorian president considers raising the farmgate price to better support local farmers.

Despite the soaring cocoa prices, African farmers continue to struggle to make ends meet. Research by Make Chocolate Fair revealed that, on average, African cocoa farmers receive merely 6 cents from every $1 spent on a chocolate bar. This share falls far short of providing a sustainable livelihood for these farmers and their families, trapping many in poverty.

“For the euro of the selling price that consumers in Germany pay for a bar of chocolate, almost eight cents go to the cocoa farmers. This amount is far too low to be able to live on it. While all other players in the chocolate supply chain make profits, most cocoa farmers cannot cover the costs of production and livelihood. The majority of cocoa farming families live in poverty,” the report indicated.

With these disparities in the supply chain, advocates have called for fairer pricing mechanisms and greater support for farmers to ensure a more equitable distribution of wealth throughout the industry.

Andrew Moriarty, price reporting manager at Mintec, described the market as "out of control," indicating widespread apprehension among market participants. The root cause of this unprecedented surge lies in poor weather conditions and disease outbreaks that have severely impacted crop yields in key cocoa-producing countries such as Ivory Coast and Ghana. These nations collectively supply over two-thirds of the world's cocoa beans.

Moriarty noted the dire situation faced by processors and manufacturers alike, struggling to procure enough cocoa butter and cocoa liquor, which has further fueled the upward trajectory of prices.

Decades of low prices have left farmers in West Africa struggling to maintain their plantations, resulting in aging and vulnerable cocoa trees susceptible to disease and extreme weather events. The consequence has been a global cocoa shortfall for the third consecutive year, precipitating an extraordinary rally in cocoa prices.

Judy Ganes, an independent soft commodities consultant, remarked, "The handwriting was on the wall for a long time that there was going to be a major reduction in supply this year," indicating the predictability of the current crisis, the Financial Times reports.

The industry now finds itself in a state of panic as efforts to secure sufficient cocoa beans to meet consumer demand intensify.

What they said

Steve Wateridge, a cocoa expert from Tropical Research Services, emphasised the need for substantial demand reduction to align with the supply challenges, pointing to the critical imbalance in the market. He said, “We need massive demand destruction to catch up with the supply destruction." Meanwhile, two undisclosed sources revealed that even global trader Cargill faced challenges in sourcing beans for its primary processing plant in Ivory Coast, leading to a temporary shutdown for about a week last month. Cargill has not responded to requests for comments, Reuters reports.