Changes in acidification, proteolysis, sugars and free fatty acids (FFAs) concentrations of Ghanaian cocoa beans as affected by pulp preconditioning (pod storage or PS) and fermentation were investigated. Non-volatile acidity, pH, proteolysis, sugars (total, reducing and non-reducing) and FFAs concentrations were analysed using standard methods. Increasing PS consistently decreased the non-volatile acidity with concomitant increase in pH during fermentation of the beans. Fermentation decreased the pH of the unstored beans from 6.7 to 4.9 within the first 4 days and then increased slightly again to 5.3 by the sixth day. Protein, total sugars and non-reducing sugars decreased significantly (p < 0.05) during fermentation, whereas reducing sugars and FFA increased. PS increased the FFA levels, reduced the protein content but did not have any effect on the sugars. The rate of total and non-reducing sugars degeneration with concomitant generation of reducing sugars in the cocoa beans was largely affected by fermentation than by PS.