Cocoa price hits almost $12,000 a tonne, but Ghana may not benefit from the windfall

Cocoa prices have surged to nearly $12,000 per tonne, hitting a record high of $11,925 on Monday, December 16. This significant price rise, which nearly triples cocoa costs from a year ago, stems from supply challenges in West Africa, particularly in major cocoa-producing countries like Ghana and Ivory Coast. Poor weather conditions, including heavy rains and the intensification of Harmattan winds that dry out cocoa farms, have worsened production, pushing prices to unprecedented levels. This surge comes at a time when global cocoa supplies are already strained, and stockpiles remain at critically low levels. The current supply deficit is entering its third consecutive year, and cocoa traders are facing increased market volatility. The rising costs have significantly impacted chocolate manufacturers, who have passed the increased prices on to consumers. In Ghana, where cocoa farming is vital to the economy, the price of chocolate has spiked sharply, making the confectionery ...