Ghana's Cocoa Price Surge: A Bitter Truth for Chocolate Lovers
Last week, La Presse reporters spoke to agronomist and economist 笔补蝉肠补濒听罢丑茅谤颈补耻濒迟 about a recent price surge of聽62.58% for聽Ghanaian聽cocoa, a move aimed at supporting its struggling farmers. This significant price hike is expected to affect not only other cocoa-producing countries but also global chocolate manufacturers and consumers.
鈥淭here was already a lot of pressure on cocoa prices because of climate change and aging plantations. Droughts and irregular rainfall have led to lower yields,鈥� Th茅riault explained and specified that while global market prices had been rising, producers had not yet seen significant increases in their earnings.聽鈥淐ocoa is a commodity traded on global markets, so prices have gone up, but the price paid to producers hadn't changed much.鈥�
Ghana鈥檚 decision, which fulfills a campaign promise from President John Mahama, adds a new variable that will likely influence the cost of chocolate for consumers. Th茅riault warned that this could result in lower-quality chocolate products unless prices are adjusted: 鈥淢ass-market chocolates like Kit Kat, Caramilk, and Aero could see a drop in quality to avoid a significant increase in retail prices.鈥�
Other chocolate industry figures echoed this concern. Maxime Simard, cofounder of Qantu chocolat et cacao, predicted the price per kilo of cocoa could rise from $8 to $10 or even $12 USD. He emphasized, 鈥淥f course, it鈥檚 going to affect the price of chocolate.鈥� Still, he believes his customers鈥攚ho buy his artisanal, higher-end bars鈥攎ay be more tolerant of price hikes.
Juliette Brun, founder of Juliette & Chocolat admitted that in聽22 years of career, she's never seen a decrease in cocoa prices. She emphasized the complexity of cultivating cocoa and suggested consumers will need to make choices: 鈥淒o we want to consume better, or consume more and worse?鈥�
Th茅riault and others conclude that while the price hike may help Ghanaian farmers, it signals continued volatility and upward pressure on chocolate prices worldwide.