"Cocoa Crisis: Global Shortage Sparks Price Hikes and Survival Strategies"

Major African cocoa plants in Ivory Coast and Ghana have stopped or cut processing due to the inability to afford buying beans, leading to a global chocolate price surge. With cocoa prices doubling over the last year and a fourth year of poor harvests expected, consumers are likely to pay more for chocolate. The market faces a deficit, with processors struggling to buy beans and supply less butter at higher prices to chocolate-makers. This disruption has led to a breakdown in the established cocoa trade mechanism, causing a shortage of beans for local processors and global traders.