From being the world’s second-highest cacao producer to growing no beans at all, Ghana’s fruitful cacao trade has abruptly stopped, causing prices to soar and traders to liquidate.
Similar mishaps are occurring in Ivory Coast, its coastal neighbour—together, they amount to 60% of the globe’s cocoa supply. Experts believe there are a myriad of factors to blame but are still scratching their heads at how to rapidly replenish their once-overflowing fields.
Causes and Effects
As mentioned, specialists are pointing fingers at a plethora of instigators, including bad weather, bean disease, smuggling, and illegal gold mining.
Ghana says around 600,000 hectares have been wiped out, which is over 25% of its crops. However, the International Cocoa Organisation believes this figure to be as high as 81%.
Before such problems occurred, it was producing more than 800,000 tons of cocoa a year—now, it will be lucky if it can clear half of that. Ghanaian officials responsible for the cocoa trade have said they will delay the delivery of up to 350,000 metric tons this season.
A Headache for Farmers, Traders and Distributors
It might not be declared a famine, but for the country’s farmers, traders, and distributors, it may as well be. Their monthly earnings are diminishing quicker than water in a drought. And it could get even worse.
If authorities keep their word of holding 350,000 tons, traders and processors will lose approximately $4,000 per ton, resulting in a collective loss of $1.4 billion.
What Next?
Like most environmental outbreaks, there’s not much one can do but ride out the storm, hoping nature will prevail sooner rather than later.
In this instance, with fields riddled with disease, such as swollen shoots, it means replanting trees that take two to four years to mature and produce beans – so far, they have rehabilitated 100,000 hectares.
Weather
Uncontrollable and unpredictable, extreme weather has been another primary catalyst for poor crop returns, meaning they can plant all the trees they like, but ultimately, Mother Nature has the final say.
Problems in Ivory Coast
Another big player within the cacao industry, Ivory Coast, is experiencing similar issues, from disease to bad weather, resulting in 30% of their plantations being infected and scrapped.
They, too, have taken similar measures to get one of their biggest exports back on track, but only time will tell how effective they are.
Is there Light at the End of the Tunnel?
While the current state of affairs looks grim, there are still optimists who believe this is merely a blip, and that the cacao supply of both nations will be as rife as ever in the coming year.
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