SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Cocoa farmers smuggle to make ends meet

Cocoa farmers in Ghana smuggle their goods to the neighboring country of Ivory Coast to make ends meet in a time of poor harvests, increased costs, and a falling currency.

» Published: 17 July 2024

Cocoa farmers smuggle to make ends meet
Photo: Sunday Alamba/AP/TT

Cocoa farmers in Ghana are smuggling their goods to the neighboring country of Ivory Coast to make ends meet in a time of poor harvests, increased costs, and a falling currency.

This year's cocoa harvest in Ghana is significantly worse than average, and the country's currency, the cedi, has plummeted. At the same time, transportation and production costs have skyrocketed for farmers.

Cocoa farmer Isaac Antwi in Suhum, a few miles from the capital Accra, says he has to smuggle his beans to Ivory Coast to get a reasonable profit, despite prices having recently gone up internationally.

Since the cedi is losing value every day, it simply doesn't pay to sell in Ghana, he tells the AFP news agency.

The prices are better on the other side of the border, and the stronger currency means I can feed my family and pay off my debts.

As the season's harvest is almost complete, it is established that production will land at less than 55 percent of production in an average year, reports the Reuters news agency.

Cocoa farmers in Ghana have to sell their goods to the state-run Ghana Cocoa Board (Cocobod) at fixed prices, but the money doesn't cover the rising costs, according to the farmers.

Cocoa farmer Dennis Nyameke explains the economics.

A bag of cocoa sells for at least $137 in Ghana, but when we smuggle it to Ivory Coast, we can get close to $152, he tells AFP.

With four children to take care of, I can't afford to ignore the difference.

Over a million people are dependent on the cocoa industry in Ghana, which has over 33 million inhabitants.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

More online Christmas shopping in November than in December
1 MIN READ

More online Christmas shopping in November than in December

Sharp Increase in Bankruptcies
1 MIN READ

Sharp Increase in Bankruptcies

Upwards on Asian Stock Exchanges
1 MIN READ

Upwards on Asian Stock Exchanges

Netflix surged on the stock exchange in New York
1 MIN READ

Netflix surged on the stock exchange in New York

The Head of Essity is Leaving the Company
1 MIN READ

The Head of Essity is Leaving the Company

Swedbank gives more to its owners
1 MIN READ

Swedbank gives more to its owners

Musk questions Trump's AI investment
1 MIN READ

Musk questions Trump's AI investment

Volvo Cars: Not Worried About New US Rules
1 MIN READ

Volvo Cars: Not Worried About New US Rules

Volkswagen wants to sell large stake in Traton
1 MIN READ

Volkswagen wants to sell large stake in Traton

It drives interest in battery metals
2 MIN READ

It drives interest in battery metals

"We're Turning Over Every Stone"
2 MIN READ

"We're Turning Over Every Stone"

ECB Chief: We Must Prepare for Tariffs
1 MIN READ

ECB Chief: We Must Prepare for Tariffs

Upward trend on the stock exchange – but weak finish
1 MIN READ

Upward trend on the stock exchange – but weak finish

The Boat Fair is Being Shut Down
1 MIN READ

The Boat Fair is Being Shut Down

Major Banks Disagree on Interest Rate Cuts
2 MIN READ

Major Banks Disagree on Interest Rate Cuts

More Stores Exposed to Threats or Violence
1 MIN READ

More Stores Exposed to Threats or Violence

Sour in China – up on the Tokyo Stock Exchange
1 MIN READ

Sour in China – up on the Tokyo Stock Exchange

Trump threatens EU with tariffs
2 MIN READ

Trump threatens EU with tariffs

Trump open to Musk buying TikTok
1 MIN READ

Trump open to Musk buying TikTok

Trump Announces Large AI Project
2 MIN READ

Trump Announces Large AI Project