Cocoa Crisis Made Worse by Underpaying Farmers, Tony’s CEO Says
- Rally exacerbated by poor pay for farmers, Lamont says
- Cocoa prices in Ivory Coast and Ghana are set by government
A worker picks cocoa fruit.
Photographer: Ferley Ospina/BloombergThis article is for subscribers only.
Cocoa’s record-breaking rally this year has been exacerbated by the long-term underpayment of farmers in key growers, according to ethical chocolate maker Tony’s Chocolonely.
Prices soared above $11,000 a ton in New York this year after bad harvests in West Africa caused severe shortages. But growers in top producers Ivory Coast and Ghana haven’t really benefited because prices there are set by the government — at a much lower level — which curbs their ability to invest in outdated plantations, limiting production.