Cocoa Crisis Made Worse by Underpaying Farmers, Tony's CEO Says.

Cocoa prices have reached record highs this year due to poor harvests in West Africa, causing severe shortages. However, ethical chocolate maker Tony's Chocolonely argues that the long-term underpayment of farmers in key cocoa-growing countries like Ivory Coast and Ghana has worsened the crisis. The government-set prices in these countries are much lower than global prices, preventing farmers from investing in their plantations and limiting production. While Ivory Coast and Ghana have raised farmer pay in response to the rally, it still falls below global prices. Tony's Chocolonely CEO Douglas Lamont emphasizes the need for long-term support and investment in farmers to address this crisis. [Extracted from the article]