Behind the Money
How high gold prices are fueling a chocolate shortage
Mar 19, 2025
Aanu Adeoye, the FT’s West and Central Africa correspondent, discusses the surprising link between surging gold prices and a chocolate shortage in Ghana. He shares firsthand accounts of cocoa farmers struggling against illegal gold mining, which is wreaking havoc on local agriculture. The conversation dives into the environmental destruction caused by this gold rush and the urgent need for reforms in cocoa pricing. Aanu paints a vivid picture of the economic challenges faced by communities caught in the crossfire of these two commodities.
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Quick takeaways
- The soaring gold prices are driving illegal mining activities in Ghana, severely threatening cocoa farmers' livelihoods and agricultural land.
- Cocoa farmers in Ghana are facing financial challenges due to stagnant compensation rates despite rising global cocoa prices, prompting them to consider gold mining.
Deep dives
Impact of Gold Prices on Investment Behavior
The rising price of gold, recently surpassing $3,000 an ounce, has prompted investors to seek this precious metal as a safe haven amid geopolitical tensions and economic uncertainty. When confidence in stock markets wanes due to external threats like tariff policies, many individuals redirect their investments into gold, thereby influencing its market dynamics. This increased demand for gold is reflective of a broader tendency among investors to safeguard their assets during turbulent times, further driving up the prices of this commodity. As more investors are drawn to gold, it becomes increasingly important to recognize the implications of this shift on both local economies and the environment.
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