Summary
Many cocoa farmers in Ghana and Ivory Coast are facing financial difficulties due to a sharp drop in cocoa prices. This has led some farmers to allow illegal mining on their land to earn more money. The decline in cocoa prices has caused cocoa beans to rot in warehouses as demand falls short of supply.
Key Facts
- Cocoa prices have dropped significantly, leaving beans unsold in warehouses.
- Farmers like Manu Yaw Fofie have allowed illegal sand mining on their land as a way to make money.
- Ghana and Ivory Coast supply nearly 70% of the world's cocoa beans.
- The price crash followed a previous peak of cocoa futures at over $12,000 per metric ton.
- In January, Ivory Coast bought excess cocoa supplies from farmers.
- Government-set cocoa prices aim to protect farmers from market changes.
- Climate change and poor weather have reduced cocoa bean yields.
- Some farmers are leasing land for illegal mining instead of growing cocoa.
