Ghana, the world's second-largest cocoa producer, wants to delay delivery of up to 350,000 tons of beans next season due to poor crops.
Cocoa prices have more than doubled this year, and as a result, chocolate makers around the world are raising prices for consumers. This has been the third year of poor harvests in Ghana and the Ivory Coast, which, combined, account for 60% of global cocoa production.
Previously, it was estimated that Ghana would roll forward approximately 250,000 metric tons of cocoa, about half of its current crop. The country's cocoa crops have been plagued with adverse weather, disease, and illegal gold mining, which often affects cocoa farms.
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