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Cocoa prices have skyrocketed, following climate shocks and disease outbreaks in West Africa. India has reported new figures on its agricultural domestic support, and the WTO has released a major report forecasting a global trade rebound...
West Africa Cocoa Shortage Pushes Up Prices…
Spiking cocoa prices have broken new records after disease outbreaks and climate extremes hit output in West Africa.
Ghana and Côte d’Ivoire – which together accounted for almost six-tenths of world cocoa production in 2022 – have seen production fall after heavy rains in the last quarter of 2023, followed by a heatwave and drought this year.
An outbreak of black pod disease – a fungus affecting cocoa pods and trees – was among factors that pushed futures prices for the commodity to well over USD 10,000 per tonne on 15 April.
As the month began, Côte d’Ivoire announced a 50% hike in the price paid to cocoa producers, with Ghana raising producer prices by 58% shortly afterwards.
In 2022, a WTO report found that Ghana’s economic growth in the cocoa sub-sector had been more volatile than for agriculture as a whole, often lagging behind other agricultural crops and livestock.
The International Cocoa Organisation has warned that structural issues may underpin ongoing supply tightness, with the sector facing challenges related to aging trees, diseases, remunerative farm gate prices, and climate challenges, as well as the impact of deforestation regulations…
Source: wto.org
