Why is the chocolate price shooting up?
The price of cocoa in Ghana has increased by 45%, affecting the global supply and resulting in an increase in the price of chocolate.
Bad news for chocolate lovers.
The price of chocolate has been creeping up over the past few years and it might continue to increase.
This follows recent reports that the price of cocoa in Ghana, one of the largest cocoa producers, has increased. According to Statista, Ivory Coast and Ghana are the two largest cocoa producers, accounting for more than 50 percent of the world's cocoa.
On Wednesday, Ghana announced a 45% increase in the producer price of cocoa for the 2024/2025 crop season, reports The South African.
The price has already kicked in, with the price of a 64kg bag of cocoa beans now at $192, up from $132, states the publication.
This also affects the global supply.
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On September 5, Business Tech reported that global cocoa prices hit a 46-year high in 2024.
The publication stated that predictions were that the price would decrease as the weather improved.
“Better weather in West Africa is expected to help the region’s production partly recover from this season’s poor harvests that drove record prices and deficits,” Business Tech quoted Bloomberg.
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