Cocoa Prices Skyrocket: Poor Harvest in West Africa

Cocoa prices are skyrocketing due to a severe supply shortage. This is mainly caused by poor harvests in Ghana and Ivory Coast, the world’s top two cocoa producers. These poor harvests are due to extreme weather and disease.

Global demand for cocoa is outstripping supply, leading to a projected deficit for the current and upcoming year. This has caused cocoa prices to more than double this year.

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