Cocoa prices have increased significantly.
The largest African cocoa plantations are in Ivory Coast and Ghana have stopped or reduced processing because they cannot afford to buy cocoa beans. This means that chocolate prices around the world are likely to increase.
Reuters writes about this.
Chocolate producers have already raised prices for consumers after three years of poor cocoa harvests in two countries that produce nearly 60% of the world's cocoa. This year is expected to be a lean year.
Cocoa prices have risen significantly over the past year, surpassing numerous historical highs.
Chocolate makers cannot make chocolate from raw cocoa and rely on processors to turn the cocoa beans into an oil and liquid that can be made into chocolate.
However, processors say they cannot afford to buy cocoa beans.
Even international trader Cargill struggled to source cocoa beans for its main processing plant in Ivory Coast, shutting down operations for about a week last month.
In Ghana, the world's second-largest cocoa producer, most factories, including the state-owned Cocoa Processing Company (CPC), have repeatedly suspended operations for several weeks since the season began in October.
Earlier it became known that the price of bananas could rise in the world due to the climate crisis. Read more about this in news.
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