Ghana’s cocoa deliveries to warehouses in August more than quadrupled from the same period last year, as an accelerated start to the season provided early cash to farmers, adding to the uptick in supply that’s cooling global prices.
The country this year decided to begin its cocoa season in August, two months ahead of the norm, to appease farmers who fetch a government-set price for their crop.
Arrivals of the chocolate-making ingredient in the four weeks ending Sept. 4 reached 50,440 metric tons, compared with about 11,000 tons delivered in the same period in 2024, according to people familiar with the matter.
The world’s No. 2 producer raised the amount it pays farmers for their cocoa beans by 4.2% to 3,228.75 cedis ($261) per 64-kilogram bag in the current 2025-26 season.
That’s expected to lower the incentive to smuggle beans to nearby nations where prices are higher.
The market is watching supplies from West African growers closely after a series of back-to-back poor harvests fueled a huge global shortage that sent New York futures soaring to a record last year.
While a small surplus is expected in the current 2024-25 season, the market remains tight and prices are well above historical levels.
Most of the beans delivered to warehouses are destined for export, though some are sold to local processors.
Ghana has forecast a cocoa crop of 650,000 tons in the 2025-26 season, up from 600,000 tons in the previous harvest.
A spokesperson for Cocobod, the national regulator, declined to comment.
The world’s top grower, Ivory Coast—where farmers’ pay is also set by the government—is expected to announce an increase in its farmgate prices for the new season that starts Oct. 1.
Ghana’s fight to control smuggling has shown some progress.
A new funding model, where top exporters are helping finance purchases, has also improved the tracking of beans from farms, the people said, asking not to be named because they’re not authorized to discuss the matter.
