Weather conditions are exacerbating a decline in cocoa yield, resulting in unprecedented increases in cocoa prices.

Cocoa prices have surged to over $7,300 per metric tonne, marking a significant escalation from the average range of $2,000 to $3,000 per metric tonne observed over the past two decades.

The El Nino Southern Oscillation (ENSO) is a natural climate phenomenon known for causing elevated temperatures in tropical regions.

This occurrence has resulted in unprecedented heatwaves, negatively impacting cocoa production in both Cote d’Ivoire and Ghana, the world's top cocoa producers.

According to Euronews, cocoa shipments from Cote d’Ivoire saw a decline of 39% from October 2023 to February 2024, while shipments from Ghana dropped by 35% from September 2023 to January 2024.

As a consequence of the cocoa price surge, chocolate products are anticipated to experience a significant increase in price.

Nevertheless, it remains uncertain whether the substantial rise in cocoa prices will motivate the Ghanaian state cocoa company, COCOBOD, to enhance cocoa production levels in the country.