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Raw material: the cocoa industry devastated by torrential rains in Côte d'Ivoire

01/12/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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After unusually heavy rains this year in Côte d'Ivoire, the country's cocoa warehouses are nearly empty and producers expect a harvest 3 to 4 times lower than last year.

The cocoa harvest in Côte d'Ivoire has been devastated this year with above average rainfall. As a result, many families will suffer a loss of income. In the south of Côte d'Ivoire, July was particularly rainy. According to the country's meteorological agency, Sodexam, there was rainfall in some regions that was 20 to 40 percent higher than the average from 1991 to 2020. In London, the price per ton of cocoa peaked on 10 November at 3,478 pounds sterling, the highest level since 1989, while in New York, it surpassed the $4,000 mark, the highest level since the end of 1978, that is, for 45 years. The government, which sets the price of cocoa, has raised prices this year, but the decrease in the harvest means that the loss of income is inevitable for Ivorian producers

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