Cocoa Prices Hit Record Highs Amid Devastating Drought in Ghana and Ivory Coast

Record High Prices Reached for World Cocoa

Cocoa prices have skyrocketed to unprecedented levels on the New York Mercantile Exchange, with beans selling for $5,874 per ton this week. The historic rise in prices is directly linked to a devastating drought that has hit cocoa producers in Ghana and Ivory Coast. Over the past year, cocoa prices have doubled due to struggling producers, causing chocolate products worldwide to become increasingly expensive. As a result of the drought, many cocoa farmers have been forced to abandon their crops, leading to a shortage of beans and driving up prices even further. Despite efforts by governments and international organizations to provide aid to affected farmers, the damage has already been done and it remains uncertain when production will fully recover.

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