Cocoa prices have fallen sharply due to overproduction in major cocoa-producing countries. A surplus of beans on the market has created significant downward pressure on prices.

Industry analysts attribute the price decline to favorable weather conditions in West Africa, particularly in Côte d’Ivoire and Ghana, which have resulted in bumper crops. These two nations account for a substantial portion of global cocoa production.

The increased supply has outstripped current demand, leading to a build-up of inventories and further price weakness. Some analysts predict that prices may remain depressed until demand increases significantly or production is curtailed.

Farmers in the affected regions are expressing concern over the impact of lower prices on their livelihoods. Lower prices could lead to decreased investment in cocoa farming, potentially impacting future production levels.