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West African cocoa crisis: Producers face unsold stockpiles

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Global News Network
GNN-Media-TV
Published
Ivory Coast and Ghana, which together produce about half of the world's cocoa beans, are struggling to sell their crop this season due to falling global prices and weakening demand from chocolate manufacturers. World cocoa prices have dropped by nearly three-quarters over the past year, leaving the regional price set in October—about $2,000 per metric tonne higher than current market rates—unsold. Farming cooperatives say they lack the funds to pay growers, while storage costs mount. Economists are calling for a revised price-setting system to avoid such shocks in future.

Al Jazeera's Catherine Soi reports.

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#IvoryCoast #Ghana #WestAfrica #Cocoa #CocoaCrisis #chocolate
Category
News24
Tags
aljazeera English, aljazeera live, aljazeera live news
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