TCL LIVE | The High Co$t of Cocoa

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Episode Overview

In this episode of TheChocolateLifeLIVE we’ll be discussing the rising cost of cocoa.

Most of the outlets covering this story point to record high prices for cocoa this season. But is this actually true? Are the prices as high as they are purported to be? Historically high?

What does the current price of cocoa mean – and, importantly, how do farmers benefit, if at all? What impacts are hiding behind the raw numbers? Are there motives for reporting the story the way it is being reported?

As with almost everything in cocoa and chocolate, the answers are neither simple nor straightforward.

H/T Prof Paul McNamara of the University of Illinois Urbana-Champaign and a regular participant in ChocolateLifeLIVE episodes for his comments on a recent call that inspired me to take a closer look at this topic.

Fuad Mohammed Abubakar on LinkedIn: #london #cocoa #futures #cocoa #westafrica #temperature #rains #humidity…

LONDON COCOA FUTURES PRICES TO POST HIGHEST RECORD EVER AS IT APPROACHES £3,200 (US$ 4,000) Key Highlights 1. The #London #Cocoa #Futures is expected to…

LinkedInFuad Mohammed Abubakar

Ghana’s President raises cocoa farmgate price to combat smuggling and weak cedi

Ghana has announced a state-guaranteed cocoa price paid to its farmers of 20,943 Ghana cedi ($1,837) per tonne for the new 2023-2024 season – an increase of more than 63% in a bid to boost their income and prevent beans from being smuggled to neighbouring countries where they sell for more.

confectionerynews.comAnthony Myers

Ghana hikes 2023/2024 cocoa farmgate price as supplies tighten

Ghana raised the state guaranteed cocoa price paid to its farmers by more than 63% on Saturday in a bid to boost their income and prevent beans being smuggled to neighbouring countries where they fetch more money as supplies tighten.

ReutersMaxwell Akalaare Adombila

Cocoa - 2023 Data - 1959-2022 Historical - 2024 Forecast - Price - Quote - Chart

Cocoa futures traded below $3,600 a tonne, easing from a nearly 45-year high of $3,874 on September 13th, amid the dollar’s strength and following the recent period of excessive buying. Simultaneously, deteriorating global economic prospects appear to be affecting demand, particularly in one of the…

Chart

Global price of Cocoa

Global price of Cocoa

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Ghanaian Cedi - 2023 Data - 2007-2022 Historical - 2024 Forecast - Quote - Chart

The USDGHS increased 0.1000 or 0.88% to 11.5000 on Thursday September 21 from 11.4000 in the previous trading session. Historically, the Ghanaian Cedi reached an all time high of 14.25 in November of 2022.

Chart

Inflation Rate between 2000-2023 | Inflation Calculator

$1,000 in 2000 is now equivalent to $1,782.96 in 2023.

★ CPI Inflation CalculatorEmail

Inflation Rate between 2000-2023 | UK Inflation Calculator

£1,000 in 2000 is now equivalent to £2,153.54 in 2023.

★ CPI Inflation CalculatorEmail

Other Links & Resources

Cocobod

Cameroon raises cocoa farmgate price and sees uplift in output

Cameroon has announced a significant increase in cocoa production over the past two seasons, with figures showing that the crop in the 2022-23 season was 681 tonnes, almost four times higher than the 182 tonnes recorded in 2020-21.

confectionerynews.comAnthony Myers

Cote d’Ivoire and Ghana civil society organisations demand more for cocoa farmers – amid calls for COCOBOD head to resign

Platform for Sustainable Cocoa in Cote d’Ivoire (PICD) and the Ghana Civil-society Cocoa Platform (GCCP) are calling on their respective governments to raise the price of beans for the important 2023-24 season to make sure farmers can receive a living income.

confectionerynews.comAnthony Myers

Mentioned in the livestream:

AgEcon Search

AgEcon Search - AgEcon Search

AgEcon Search

price of cocoa in 2000 - Google Search

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Questions? Thoughts? Contribute!

As always, I will be taking questions and comments during the livestream.

If you want to share your thoughts and/or questions in the comments below before the livestream begins, add them in the comments below.

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