Experts issue warning as chocolate prices surge due to unforeseen crisis: 'We have to act as we speak'

Unusual weather conditions throughout West Africa have pushed cocoa prices higher, with the crop rebounding to $7,420 per ton at the New York Exchange after hitting its lowest annual price point, Nairametrics reported.

What's happening?

Heavy rainfall in the Ivory Coast has prevented farmers from working their fields and moving beans from farms to export facilities. Meanwhile, droughts in Ghana and Nigeria have shriveled cocoa pods and killed portions of the crop.

West African cocoa-growing areas just experienced their driest stretch since 1979, spanning the previous two months. These dry conditions, paired with cooler temperatures, have enabled black pod disease to move through plantations in Ghana and Nigeria. Weather problems have also lowered the grade of the Ivory Coast's second annual harvest, which concludes in September.

Stockpiles at American ports dropped to 2,115,411 bags, the smallest amount in four months. Ivory Coast has also reduced its international shipments.

Why are rising cocoa prices concerning?

Rising cocoa expenses mean more expensive chocolate for buyers. Growers in cocoa-producing areas face financial instability when their plants fail.

When the climate destroys harvests, agricultural households lose their seasonal earnings. The Ivory Coast's second-tier harvest is forecast to yield 400,000 metric tons (over 440,000 tons) this year, which is a 9% decline from prior projections. Nigeria's output is anticipated to decrease 11% to 305,000 metric tons (over 336,000 tons) for the 2025-2026 growing period.

Failed harvests and increasing expenses create a pattern that damages everyone involved. Households relying on cocoa cultivation struggle during poor harvests, while buyers pay more at stores.

What's being done about rising cocoa prices?

Nigeria is attempting to revitalize its cocoa operations. The Federal Executive Council authorized the establishment of a National Cocoa Management Board to help the sector's comeback.

Vice President Kashim Shettima told the World Cocoa Foundation that Nigeria intends to transition from merely cultivating cocoa beans to manufacturing them into final goods.

"We have to act as we speak. Nigeria used to be one of the world's top producers of cocoa, but oil changed our priorities. We can bring that glory back," he said.

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The government encourages farmers to use methods that protect forests and can be sustained for years. Processing cocoa into chocolate products instead of just selling raw beans could create more jobs and give farmers steadier paychecks.

If you want to help cocoa growers, buy from chocolate companies that compensate their workers fairly and use verified ethical cocoa. You can also contact your representatives to voice your support for trade regulations that protect agricultural communities overseas.

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