Cocoa Crisis: Poor Harvests and Soaring Prices Force African Plants to Cut Operations, Threatening Global Chocolate Supply

Major African cocoa processing plants have stopped or cut operations due to high bean prices, meaning chocolate prices will likely soar globally.

Cocoa prices have more than doubled over the last year, reaching numerous all-time highs.

Chocolate makers rely on processors to turn beans into cocoa butter and liquor to make chocolate, but processors say they can't afford the high bean prices.

The price spike has disrupted the normal cocoa trade mechanism where processors and traders purchase beans upfront from farmers at agreed prices.

There have already been 3 years of poor cocoa harvests in top producers Ivory Coast and Ghana, with a 4th bad harvest expected, reducing supply.