Crisis hits chocolate lovers: cocoa prices have soared to $12,000 a tonne, nearly quadrupling in just one year, pushing the industry into meltdown
Current Industry Crisis
A blend of El Niño, climate change, and disease among cocoa plants is devastating crops in Ghana and Ivory Coast, major cocoa-producing nations
Causes of Price Hike
Due to bad harvests caused by El Niño, cocoa production has drastically dropped, leading to a predicted global cocoa deficit of 374,000 tonnes this season
Impact of Bad Harvest
Climate change exacerbates the situation, with erratic rainfall and extreme weather posing severe threats to the sensitive cocoa trees
Long-Term Climate Effects
Cocoa farmers earn less than $1.25 a day, falling below the UN’s poverty line, with many unable to afford basic needs
Economic Impact on Farmers
Due to low incomes, farmers struggle to invest in land to boost yields or adapt to climate changes, leading to increased child labor and land sales
Consequences of Low Income
While major chocolate companies earn billions, cocoa farmers' wages remain stagnant, worsening since the pandemic