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According to Tony’s Chocoloney 2022-23 annual report, cocoa farmers in Ghana and Ivory Coast currently earn about $1.42 and $1.23 per person per day, respectively.
The price of cocoa beans hit a record high of more than 8,200 dollars (approximately £6,500) per tonne this week – up from 2,600 dollars compared to this time last year.
Bad weather and crop failure sent the price of the bean soaring to record highs in 2024. ... Cocoa gained about 172% in the past year, briefly reaching a record of nearly $13,000 per metric ton on ...
Cocoa prices fluctuated in June 2024. In London, cocoa prices reached a high of $11,530 per tonne on June 13; the previous year, prices had averaged $3,182. Although effects were similarly observed on the New York market, which reached US$10,782 per tonne, effects were less prominent due to greater European consumption of West African cocoa. [ 3 ]
In the past thirty years, cocoa prices have been as low as $714 per ton in 2000 to as high as $3,775 per ton in spring of 2011. Although the market price of cocoa fluctuates, fair trade certification has created a minimum price for which the cocoa farmers must be paid per ton. [ 16 ]
They expanded into Brazil in 1935 and in Mexico in 1948. ECOM was soon established and started coffee trading in 1959 and cocoa in 1991. In 2000, ECOM bought the London-based coffee business of the Cargill company. [4] [9] In 2012, ECOM purchased 13 million 60-kg bags of coffee or about 7% of the world's coffee.
There’s pricing pressure taking hold of a specific corner of global agriculture — and it’s bittersweet.
Amid a financial crisis in June 2024, the Ghanaian government increased its fixed price for cocoa by 58.26% to US$2,188 (GH₵33,120) per tonne. [8] In September 2024, COCOBOD requested assistance from the Ministry of Defence in combatting cocoa smuggling.