Cocoa (CC) - Real-Time Prices

Sub-Saharan Africa Cocoa Production

West Africa dominates global cocoa production, accounting for 70% of world supply. The region produces premium bulk cocoa essential for chocolate manufacturing worldwide. Ivory Coast and Ghana alone control over 60% of global market share.

Major Producers (2024)

• Ivory Coast (Côte d'Ivoire): 2.2 million tons/year - World's largest, 45% global share
• Ghana: 800,000 tons/year - 2nd largest globally, quality-focused Cocobod system
• Cameroon: 280,000 tons/year - Fine flavor cocoa, growing production
• Nigeria: 250,000 tons/year - Historic producer, recent decline due to aging trees
• Sierra Leone: 12,000 tons/year - Organic specialty cocoa niche
• Liberia: 8,000 tons/year - Post-conflict recovery, quality potential

Price Drivers

• West African Weather: Rainfall patterns in Ivory Coast/Ghana determine 60% of global supply
• Cocoa Pod Borer: Pest infestations can reduce yields 20-30%
• Grinding Demand: European/Asian cocoa processing rates indicate chocolate demand
• Currency Volatility: CFA franc (Ivory Coast/Cameroon) vs USD exchange rates
• Sustainability Premiums: Rainforest Alliance/Fair Trade certified cocoa commands $100-200/ton premium
• Política Instability: Ivory Coast political events historically spike prices 15-25%

Volatility Profile

Exporting Cocoa from Africa

Cocoa exports are highly regulated through government marketing boards. Quality standards and export taxes are standardized:

Ivory Coast (Côte d'Ivoire)

• ✓ All exports via Conseil du Café-Cacao (CCC) auction system
• ✓ Quality certificate (Grade 1 or 2 based on bean count, defects, moisture)
• ✓ Phytosanitary certificate from Ministry of Agriculture
• ✓ Export registration number (DFE - Déclaration de Fret à l'Exportation)
• ✓ Export duty: Progressive system, effective rate 3-5% of FOB value
• ✓ Minimum farmgate price: Set by government (CFA 825/kg for 2024/25 season)

Ghana

• ✓ Purchase from Ghana Cocoa Board (Cocobod) - monopoly buyer
• ✓ Quality Control Division inspection and certification
• ✓ Export license from Cocobod
• ✓ Phytosanitary certificate
• ✓ FOB pricing: Cocobod sets rates (premium for Ghanaian quality)
• ✓ Typically $50-100/ton above Ivory Coast for superior fermentation

Cameroon

• ✓ Export authorization from Office National du Cacao et du Café (ONCC)
• ✓ Quality certificate (Grade 1: max 3% defects, moisture under 8%)
• ✓ Phytosanitary certificate
• ✓ Export tax: 3.1% on declared FOB value
• ✓ Additional stabilization fund levy: 2-4% depending on market price

Importing Cocoa

• HS Code: 1801 (Cocoa beans, whole or broken, raw or roasted)
• Import Duty: EU: 0% (raw beans), US: Free (raw beans)
• Quality Standards: Max 3% moldy beans, max 3% slaty beans, moisture content 7-8%
• EU Deforestation Regulation (EUDR): Effective 2025 - requires proof cocoa not from deforested land
• Child Labor Due Diligence: Increasing importer requirements for traceability

Cocoa Transport Requirements

• Packaging: 60-65kg jute bags (standard export packaging)
• Container Type: 20ft dry container (275-280 bags / 17-18 tons) or 40ft HC (550-560 bags / 35-36 tons)
• Moisture Control: Critical - must maintain below 8% to prevent mold (fumigation often required)
• Temperature Control: Not required but avoid condensation and heat above 32°C
• Documentation: Bill of lading, quality certificate, phyto certificate, certificate of origin, weight certificate
• Fumigation: Often required for pest control (methyl bromide or phosphine treatment)

Typical Freight Costs

Note: Freight costs exclude port handling ($200-350), fumigation ($150-250 per container), customs clearance ($250-500), and inland haulage to port. European routes benefit from established cocoa trade lanes.