Ghana and Ivory Coast weigh an 'OPEC of cocoa' to steer prices

Ghana and Ivory Coast, which together account for more than 60% of the world's cocoa production, are discussing closer cooperation on pricing and sales to gain greater influence over international cocoa prices, according to Business Africa. The two West African producers are considering reviving an alliance often nicknamed the "OPEC of cocoa".

The talks follow a sharp drop in cocoa prices from the historic record they reached in 2024. For importers, grinders and chocolate manufacturers, tighter coordination between the two dominant origins would reshape how the physical market is supplied and priced.

What the alliance would coordinate

The stated goals are to harmonize the farm-gate prices paid to growers, coordinate harvest and marketing calendars, and strengthen the two countries' bargaining power against international buyers. Aligning when and how the two origins release their crops would give them more control over supply flows into the global market.

Cameroon and Nigeria have also been invited to join the regional initiative, which would widen the bloc's share of global supply beyond the two leading producers.

Africa grows the beans, others capture the value

Africa produces the bulk of the world's cocoa, but industrial processing, chocolate brands and distribution networks remain largely controlled outside the continent. Max Koffi, founder of Equal Trade Alliance, told Business Africa that the central challenge for producers is capturing a larger share of the value generated by cocoa.

Under the current structure, African countries export mostly raw beans and leave the higher-margin stages — grinding, manufacturing and branding — to buyers abroad. That leaves producer nations exposed to swings in the raw commodity price, as the fall from the 2024 peak illustrates.

Building a value chain at source

According to the analysis presented by Business Africa, the real objective is to develop an integrated value chain within Africa: processing beans into cocoa butter and powder, manufacturing chocolate, creating local brands and moving exports up the value ladder.

• Processing beans into butter and powder rather than exporting them raw
• Manufacturing finished chocolate on the continent
• Building local brands and upgrading the export mix

This strategy, the report says, would raise added value, create more industrial jobs and reduce dependence on raw commodity exports. Whether the pricing alliance advances or not, the underlying push is for the two dominant origins to keep more of the cocoa margin at home rather than shipping it out with the beans.