Ghana and Ivory Coast, the world’s leading cocoa producers, are facing a dire situation this season. Cocoa bean shortages have caused New York cocoa futures to skyrocket, reaching record highs due to various factors including illegal mining, climate change, mismanagement, and disease.
Ghana’s cocoa marketing board estimates that a significant portion of cocoa plantations have been infected with a deadly virus, leading to a long-term decline in production. Experts believe this crisis could mark the end of West Africa’s dominance in the cocoa industry, possibly paving the way for Latin American producers.
Consumers are already feeling the impact, with chocolate prices in the United States rising by over 10 percent in recent months. Analysts predict that the full effects of the poor harvests in West Africa will be felt later this year, making chocolate a luxury item due to its increased cost.
The repercussions of this situation will be felt by millions of cocoa farmers in West Africa and consumers worldwide for years to come.