Ghana's cocoa harvest has significantly declined due to adverse weather and disease, resulting in a slashed trade surplus and an 8% fall in the country's currency value this year. This shortage has led to a surge in wholesale cocoa bean prices in New York, now up 47% from last year, reaching $9,000/ton. The scarcity of cocoa beans has nearly shut down processing plants in Côte d’Ivoire and Ghana, which together account for 60% of global cocoa production. This situation has also affected the prices of cocoa-related products, including chocolate, amid rising logistics costs. Consequently, Ghana faces the risk of losing access to a key funding facility due to insufficient cocoa beans to secure the funds.
Ghana is set to lose access to a key funding facility as a crisis in its cocoa crop has left it without enough beans to secure the funds. https://t.co/zbjBw8n4Pf
Ghana is set to lose access to a key funding facility as a crisis in its cocoa crop has left it without enough beans to secure the funds. https://t.co/cFqKJVGG7f
Why cocoa seed prices have been surging? What is the solution? While starting a new week, I've done a quick deep dive into the cocoa industry, its price actions, lab-grown cocoa seeds, and AI's role. 1. Lower Supply: 80% of the total global cocoa is produced in West Africa. The… https://t.co/pp108RrvQz
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What’s the tweet-length summary of why cocoa’s up so much? Bad harvest somewhere (everywhere?)
The prices of products including chocolate and olive oil are going up, amid poor harvests and rising logistics costs. https://t.co/BgHG9D4UDv
A shortage of cocoa beans has led to a near shutdown of processing plants in Côte d’Ivoire and Ghana, the two countries responsible for 60% of global production. https://t.co/JkCEbHSnmF
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The price of wholesale cocoa beans is up 47% in NY from last year, at $8,900/ton
#Ghana Low Cocoa Crop Hammers Trade Surplus in First Two Months African nation’s currency has fallen 8% so far this year Adverse weather and disease have driven down cocoa output https://t.co/GAD49KpsKj
Ghana’s smaller cocoa harvest has slashed the country's trade surplus https://t.co/T7cLI37jbN