cocoa

Follow The Money: Why Cocoa Farmers Stay Poor as Chocolate Prices Surge

When chocolate prices soar, most people assume someone at the start of the supply chain must finally be benefiting. But in West Africa – where more than 70% of the world’s cocoa is grown – the opposite is often true an investigation by the website Follow The Money reveals

, and Anthony Myers

Apr 7, 2026 . 4:25 PM

5 min read

Image shows a farmers' village in Wedst Africa. — 'For farmers, these financial manoeuvres are distant but consequential. They influence global prices without improving local incomes': Image: E. Diop / Unsplash

Even during one of the biggest price spikes in decades, many farmers saw little to no financial gain, the report reveals. This paradox sits at the heart of a growing crisis in the global cocoa industry.

A recent investigation by Dutch media outlet Follow the Money reveals that, while extreme weather, disease, and supply shortages drove cocoa prices to record highs in 2024, the farmers who produce the crop remained trapped in poverty. The reasons lie not just in nature – but in policy.

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