Issued on: 29/03/2024 -
02:00
Long the world's undisputed cocoa powerhouses accounting for over 60% of global supply, Ghana and its West African neighbour Ivory Coast are both facing catastrophic harvests this season. Expectations of shortages of cocoa beans - the raw material for chocolate - have seen New York cocoa futures more than double this year alone. They have hit fresh record highs almost daily in an unprecedented trend that shows little sign of abating.
Long the world's undisputed cocoa powerhouses accounting for over 60% of global supply, Ghana and its West African neighbour Ivory Coast are both facing catastrophic harvests this season. Expectations of shortages of cocoa beans - the raw material for chocolate - have seen New York cocoa futures more than double this year alone. They have hit fresh record highs almost daily in an unprecedented trend that shows little sign of abating.
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