Nov 28, 2023 at 10:27 p.m
The price of cocoa has reached the highest level since 1977. The important ingredient for chocolate has become more expensive because bad weather conditions are hampering the harvest in Ivory Coast and Ghana.
Heavy rainfall in those countries causes diseases to spread among crops and hinders work on the plantations.
A futures contract for a ton of cocoa rose 1.5 percent in New York to 3,813 euros. The price has not been this high since 1977.
Ivory Coast and Ghana together account for more than half of global cocoa exports. The fact that the harvest is disappointing is evident, among other things, from the amount of cocoa that arrives in the ports of Ivory Coast to be shipped abroad. Compared to the same period last year, this is a third less cocoa.
The International Cocoa Organization, an association of cocoa exporting countries, expected a supply shortage of 100,000 tons in September. The organization noted that cocoa is being hoarded in Ivory Coast and Ghana, because some farmers hope to get a higher price for it next harvest season.
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Beeld: Getty Images
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