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A new report from the Wall Street Journal found that two countries that control 60 percent of the worldwide cocoa supply - dubbed the “cocoa cartel” - may soon drive up the cost of chocolate products around the globe.
The report states that the Ivory Coast and Ghana are teaming to charge hundreds of dollars more per metric ton of cocoa, which will be put in place later this year.
The “cocoa cartel” is expected to charge approximately $400 extra per metric ton, a 16 percent increase. If the countries go through with the plan, it would reportedly be the biggest overhaul of the market in decades.
By October, cocoa is expected to cost approximately $2,600 a ton.
Jonathan Parkman, the co-head of agricultural training at Marex Spectron in London told the Wall Street Journal, “you’re talking about two-thirds of the world’s cocoa. The world cannot do without that cocoa,” he said. “Who’s paying the bill for this? Ultimately, it will be the consumers.”
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