Cocoa Rally Fuels Bean Theft, Soaring Rents in Cameroon, Nigeria
- Traders are rushing to buy pods still on trees in Cameroon
- Nigerian landowners quadruple rents over higher cocoa prices
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From thieves stealing pods to traders rigging scales — high drama is unfolding in Nigeria and Cameroon’s cocoa markets — as everyone jostles for the massive profits on offer as prices of the chocolate ingredient have soared to their highest in over forty years.
Production shortfalls in West Africa, where much of the world’s cocoa is grown, are driving the rally. With the heart of the harvest season now underway, the rush of unusual developments highlights the fight over the limited supply and complicates how much farmers ultimately benefit from the price gains.