A B S T R A C TAgroforestry is often promoted as a sustainable agricultural practice that can ameliorate causes of declining yields, such as soil degradation. However, despite the often-stated potential of agroforestry, quantitative data on the benefits of shade trees are limited to relatively few cropping systems, particularly maize and coffee. Furthermore, agroforests are not cost-free and the benefits of agroforests might not be sufficient to outweigh these costs in all cropping systems or environments. Here we quantify costs and benefits of agroforests for cocoa production in Ghana, West Africa. Specifically, we quantified the ability of shade trees to increase soil carbon stocks and soil fertility (i.e. total soil carbon, nitrogen and phosphorus, available phosphorus and potassium, cation exchange capacity, soil aggregation, pH, and foliar nitrogen and phosphorus concentrations), and investigate if these benefits are sufficient to outweigh the negative effects of shade trees on cocoa growth and yields. We measured cocoa yields, soil fertility and carbon-sequestration under individual shade trees, and in 30 × 30 m plots that were distributed along a gradient of shade-tree cover (plot-scale). We found localized positive effects of individual shade trees on soil carbon and nitrogen content, as well as soil aggregation. However, we found no evidence for positive effects of agroforests via improved soil fertility or carbonsequestration with increasing shade-tree cover at the plot scale, a scale that more closely matches the scale at which agroforests are managed. Cocoa growth was lower under individual shade trees and decreased with increasing shade-tree cover in plots, and cocoa yields also decreased with increasing shade-tree cover. Our results indicate that the benefits of agroforestry for soil fertility and carbon sequestration in cocoa cultivation systems might not be as extensive as believed, and may not be sufficient to compensate for short-term costs to production.