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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.
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.
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 ]
Ecuador as of 2017 was the largest exporter of fine cocoa, constituting 75% of cocoa exports. [1] [8] Flavor cocoa producers are primarily considered Central and South America and the Caribbean. [10] Markets for flavor cocoa as of 2017 had experienced strong growth for two decades. [1]
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.