Chocolate prices to rise substantially - Bloomberg

Europeans will soon have to pay more for cocoa beans. Ghana, an African country that is a leader in the cultivation of this product, has warned Europe about the price increase. It is stated in the material Bloomberg.

As the publication writes, in July, the rules came into force in the European Union, which banned the import of cocoa beans grown in areas where there used to be forests. Also banned were products whose cultivation involved the use of child labour.

Ghana has agreed to accept the new requirements, but has noted that there could be fewer products destined for Europe. It could also become more expensive as it will become more expensive to grow cocoa beans under the new EU rules. It is a question of hiring workers and cultivating those lands where cocoa beans can be grown. Ghanaian producers estimate that they will have to increase production costs.

We want to produce cocoa ecologically and responsibly, and this is ensured by a certain quality and a price that the consumer has to be prepared to pay," Joseph Boahen Aidoo, executive director of Ghana Cocoa Board, explained.

The European market has already reacted to the innovation. London cocoa futures have risen to their highest level since 2016 due to fears that adverse weather could cut supplies.

As the publication notes, the new EU rules also apply to palm oil and soybeans.