Ghana ranked fourth among major cocoa-producing countries exporting cocoa beans to Europe between 2021 and 2024, with an average of 53.7% of its cocoa bean exports going to the European market, according to Fitch Solutions.
Cameroon recorded the highest share at 74.7%, followed by Nigeria with 57.8% and Côte d’Ivoire with 57.4%. The figures highlight the strong dependence of West African cocoa producers on the European market.
Fitch Solutions, however, said the region continues to face a major challenge because much of its cocoa is exported as raw beans, while a larger share of the profits is made through processing and manufacturing elsewhere.
West Africa produces about 65% of the world’s cocoa and accounts for more than half of global cocoa bean exports. Despite this, countries in the region capture only a small part of the value generated from finished cocoa products such as chocolate.
The firm said increased local processing could help countries such as Ghana earn more from cocoa by producing cocoa paste, butter, powder and other finished products.
Recent figures show some progress in Ghana. Data from the Ghana Export Promotion Authority indicates that cocoa paste earned about $789.3 million in export revenue in 2025, while cocoa butter generated $635.7 million and cocoa powder earned $233.8 million.
Fitch Solutions further warned that new sustainability and traceability requirements in Europe could influence the direction of cocoa trade. The European Union is placing greater emphasis on issues such as deforestation, traceability and sustainable cocoa production.
The EU remains a major market for Ghanaian cocoa. In 2024, Ghana accounted for a significant share of EU cocoa imports, while processed cocoa products made up about 46% of Ghana’s cocoa exports to the bloc.
The report therefore strengthens calls for Ghana and other cocoa-producing countries to expand local processing and move beyond exporting mainly raw cocoa beans.
