Why is the price of chocolate skyrocketing?

Bad news for chocolate lovers.

The price of chocolate has risen steadily in recent years and is likely to continue to rise.

This follows recent reports that the price of cocoa has increased in Ghana, one of the largest cocoa producers. According to Statista, Ivory Coast and Ghana are the two largest cocoa producers, producing more than 50 percent of the world’s cocoa.

On Wednesday, Ghana announced a 45% increase in the producer price of cocoa for the 2024/2025 crop season, reports The South African.

The price increases have already come into effect: the price of a 64 kg bag of cocoa beans is currently $192 (previously $132), the publication said.

This also has an impact on global supply.

READ: Yay or Nay: Louis Vuitton Chocolate Spread for R9k

On September 5, Business Tech reported that global cocoa prices would reach a 46-year high in 2024.

The publication said that it was expected that the price would fall with better weather.

“Improving weather in West Africa is expected to help production in the region partially recover from this season’s poor harvests, which have led to record prices and deficits,” Business Tech quoted Bloomberg as saying.

VIDEO: Fan gives Tatjana Smith 100 Rand to “buy chocolate”

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