As cocoa reached its highest level on the commodities markets since 1978, there are also reports of Ghana’s cocoa farmers claiming they have not been paid by Cocobod, the county’s regulatory body, exasperating an already severe situation after some companies were accused of not paying the full price to farmers for their cocoa. The farmers are obliged by law to sell their beans to Cocobod, but it has not paid them. Surging pricesMeanwhile, the tightening supply of cocoa is mainly attributed to lower crop yields in Ghana and Cote d’Ivoire, the two largest cocoa producers. With skyrocketing cocoa prices in New York, price hikes by major companies in the industry are just one consequence. The long-term effects could also have an impact not only on the farmers but also on producing countries and consumers.
Source: GhanaWeb November 13, 2023 14:35 UTC