Ghana ranked fourth among cocoa-producing nations exporting beans to Europe between 2021 and 2024, averaging 53.7% of its cocoa bean exports to the bloc, according to Fitch Solutions.

Cameroon led the pack with 74.7%, followed by Nigeria at 57.8% and Côte d'Ivoire at 57.4%.

Same Beans, Different Rewards

The UK-based firm noted that domestic processing offers one path for West African countries to capture more value from their cocoa, but flagged another force reshaping trade: sustainability and traceability requirements, which it expects to weigh increasingly on export flows headed to the EU.

That dependence on European demand is itself a risk, the firm said.

"We believe the EU's central role in global cocoa bean imports leaves West African producers highly exposed to developments within the bloc," Fitch Solutions said.

The imbalance is stark given the region's dominance in raw production. West Africa produces around 65% of the world's cocoa and handles over half of global bean exports, yet captures little of the value further down the chain.

"West Africa remains the dominant player in global cocoa markets, accounting for roughly 65% of global production and over half of global cocoa bean exports. Despite this, we view the region's role in the cocoa value chain to be concentrated in upstream production, with much of the value added occurring elsewhere, particularly Europe," the firm said.

Data cited by CNBC Africa illustrates the gap: Nigeria, Côte d'Ivoire, Ghana and Cameroon together account for roughly 70% of global cocoa production, yet capture only about 6% of the value contained in a finished chocolate bar.

Fitch Solutions believes that model is under strain.

"In our view, this traditional model of exporting raw cocoa beans for processing elsewhere will face growing pressure over the coming years, with implications on the composition and direction of global cocoa trade flows," the firm said.

Producers of Beans, Not Bars

The numbers back up the pattern. Fitch Solutions said West Africa's export profile shows just how concentrated the region's cocoa trade is in raw beans, while higher-value products such as cocoa paste, butter, powder and chocolate are predominantly exported by the EU instead.

International Trade Centre (ITC) figures show cocoa beans made up a significant share of exports across Cameroon, Côte d'Ivoire, Ghana and Nigeria in 2025 — ranging from 5% in Nigeria to 30% in Cameroon, and averaging 18% across the four countries.

Processed and semi-processed products told a different story: cocoa paste averaged just 5% of exports, cocoa butter 4%, and cocoa powder only 1%, while chocolate exports were negligible across all four markets.

Meanwhile, the EU has held onto roughly two-thirds of global chocolate exports over the past five years — a figure that captures, in one number, how much of the cocoa industry's value is created outside the countries that grow the beans.