Posted 2/23/2024, 11:37:41 AM
Ghana Cocoa Output to Plunge 40% on Weather, Smuggling, Denting Global Supply
- Cocoa output for 2023/24 season in Ghana expected to drop 40% from target of 820,000 metric tons to around 500,000 tons
- Adverse weather conditions, smuggling, illegal mining, and disease behind sharp decline
- Global cocoa prices surpass £5,000 per tonne in London and $6,000 per tonne in New York, reacting to supply shortages
- Chocolate manufacturers like Hershey anticipate slowing consumer demand due to high prices
- Smuggling activities incentivized by high cocoa prices, potentially exacerbating production shortfalls