Reported 8 months ago
Ivory Coast and Ghana, two major cocoa-producing countries, are working to comply with EU regulations by registering cocoa plantations and preserving rainforest ecosystems. Challenges in technology have led to a higher demand and soaring prices for cocoa beans. Non-profit organizations and local governments are collaborating to help small family-owned cocoa plantations in Ivory Coast register their coordinates to ensure compliance with the EU law, which mandates the sourcing of cocoa beans from non-rainforest areas. Nearly 80% of cocoa plantations in Ivory Coast have completed registration, with the remaining 300,000 plantations needing to be registered before the start of the new production season in October. The implementation of the EU law is expected to increase production costs and further raise cocoa and chocolate prices globally, with futures prices already hitting an all-time high and major chocolate suppliers planning significant price hikes.
Source: YAHOO