Ghana Cocoa Export Prices Extend Rally in May 2026 Amid Tight Supply and Strong Global Buying

Ghana’s cocoa export market maintained a strong upward price trend in May 2026, driven by tight supply conditions, rising global demand, and persistent logistical disruptions. The bullish momentum from April continued as European chocolate manufacturers increased forward purchases to secure supplies for third-quarter production, while Asian processors also expanded buying activity to diversify sourcing risks. Demand from buyers in the Netherlands, Germany, and Malaysia remained particularly strong throughout the month. On the supply side, irregular rainfall patterns and the continued impact of Cocoa Swollen Shoot Virus reduced pod development and limited near-term harvest expectations in major producing regions. Heavy rainfall further slowed bean evacuation from farms to warehouses, increasing truck turnaround times and tightening export flows. Elevated inland transportation and freight costs also contributed to firmer FOB export prices at Tema Harbour. Additionally, Ghana’s policy focus on increasing domestic cocoa processing absorbed part of the available exportable supply, further supporting prices. Market analysts estimated cocoa export prices rose by around 6.5% in May 2026. Looking ahead, the market is expected to remain firm in the coming months amid ongoing supply risks and sustained international demand.