Ghana ranked fourth among major cocoa bean exporters to Europe between 2021 and 2024, with an average of 53.7 per cent of its cocoa bean exports destined for the European Union, according to Fitch Solutions.
Cameroon led the group with 74.7 per cent, followed by Nigeria at 57.8 per cent and Côte d’Ivoire at 57.4 per cent.
The UK-based research firm said West Africa remains central to the global cocoa industry, accounting for about 65 per cent of global cocoa production and more than half of cocoa bean exports.
However, it noted that the region continues to capture a relatively small share of the value generated further along the cocoa supply chain because most processing takes place outside West Africa, particularly in Europe.
Fitch Solutions said the traditional model of exporting raw cocoa beans would face increasing pressure as sustainability and traceability requirements become more important, particularly for products entering the EU market.
West Africa remains focused on raw cocoa
According to data from the International Trade Centre (ITC), cocoa beans accounted for significant portions of exports from Cameroon, Côte d’Ivoire, Ghana and Nigeria in 2025, ranging from 5 per cent in Nigeria to 30 per cent in Cameroon and averaging 18 per cent across the four countries.
Processed cocoa products accounted for considerably smaller shares. Cocoa paste averaged 5 per cent of exports, cocoa butter 4 per cent and cocoa powder just 1 per cent, while chocolate exports remained negligible.
Fitch Solutions said this highlights the region’s continued concentration on upstream cocoa production rather than higher-value processing.
The firm noted that Nigeria, Côte d’Ivoire, Ghana and Cameroon collectively produce about 70 per cent of the world’s cocoa but capture only around 6 per cent of the value of a finished chocolate bar.
Meanwhile, the European Union has consistently accounted for about two-thirds of global chocolate exports over the past five years, underscoring the significant value generated outside cocoa-producing countries.
Fitch Solutions therefore expects greater emphasis on domestic processing, sustainability and traceability to influence the future direction of global cocoa trade and determine how much value producing countries can retain from the industry.
