Cocoa Crisis: Ghana & Ivory Coast Farmers Struggle

0:00It's March 9th, here's your global news in two minutes. Chocolate prices have jumped worldwide over the past year, turning bars into something of a treat. Yet cocoa farmers in Ghana and Ivory Coast, who grow most of the global supply, are in tough shape. Many haven't seen payments for months after prices soared, then plunged. The crash came from strong harvests and weaker demand as makers shrank bars and cut cocoa use. These countries lock in farmer prices far ahead, leaving beans about 40% pricier than buyers will pay now. Farmers feel the pain deeply, and Ghana, one widow lost her husband to illness because she lacked cash for medical help. Families in Ivory Coast skip school fees and face home strife without steady income from their main crop. Ghana's cocoa board sits on billions in debt and has delayed payouts to around 800,000 growers. People took pay cuts of 10-20% and slashed the guarantee price for a ton from nearly $5,300 down to.

1:01About $3,500. Meanwhile, Ivory Coast halved its farmer rates to clear pout of warehouses. Growers say costs for labor, tools, and farm upkeep haven't budged, squeezing profits. Governments aim to process more beans at home to steady the sector long term. The daily news now is presented by our sponsor. Do not just listen to podcasts, get lost in them comfortably, solypillow.com.