© Alain Intraina/Getty ImagesCocoa Pod
Ghana is facing a cocoa production crisis after a major outbreak of 'swollen shoot disease'. The issue in the world's second-largest cocoa producer has triggered fears of a knock-on effect for global prices, which have already seen recent spikes.
A significant cocoa-producing area in the Western African country is 81% infected with the disease, according to the Cocoa Market Report released by the International Cocoa Organization (ICCO).
The disease has significantly impacted cocoa prices, which have nearly doubled this year due to unfavorable weather conditions and disease outbreaks in Ghana and fellow leading producer the Ivory Coast, Reuters reported on Thursday. Together, the two states produce about 60% of the world's cocoa.
There had been optimism for a better yield in the next season, although the outlook is threatened by the severe infestation in Western North, Ghana's third-largest cocoa-producing region. Swollen shoot virus first reduces yields before ultimately killing the trees within a few years. Infected trees must be uprooted and the soil treated before replanting can occur.
Comment: So...all you 'cocoa nuts'...pay heed and purchase now!