Cocoa prices surge in Ivory Coast and Ghana due to decreased production and smuggling.

Cocoa prices have surged due to decreased production in the Ivory Coast and Ghana, with shipments from the Ivory Coast down 28% this year. Ghana's cocoa output has also suffered from smuggling and adverse weather, leading to a reported loss of 160,000 tons. In response, Ghana's government has raised cocoa prices significantly, reflecting a commitment to support farmers. However, increased production in Cameroon and Nigeria may counterbalance these price hikes.

September 16, 2024
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