The commodity broke above the $10,000-per-metric-ton mark on Tuesday for the first time ever
The price of cocoa beans surged to an all-time high on Tuesday, amid supply constraints in West Africa, which produces about 70% of the crop globally. Benchmark cocoa futures for May delivery on the Intercontinental Exchange (ICE) in New York briefly spiked to $10,030 per metric ton in intraday trading before later easing to trade at around $9,625 per ton. It’s the first time the commodity broke above the $10,000 mark. Prices skyrocketed more than 150% in the last three months, and are up 255% since March 2023. Experts attribute the price spike to poor crops in West Africa as the two largest producers, Cote d’Ivoire and Ghana, have been struggling for months with extreme weather changes and cocoa-pod diseases. “As these two leading producing countries supply about two-thirds of global cocoa beans, any change in their production tends to have a significant impact on the cocoa market,” the International Cocoa Organization (ICCO) warned in a recent report. A significantly lower cocoa harvest is also expected in other cocoa-producing countries, such as Nigeria and Ghana. READ MORE: Cocoa giants scaling back production – Reuters Global cocoa supply is projected to fall 8% in the 2023-2024 season compared to the previous 12 months, according to data by analytics and consulting firm GlobalData. Meanwhile, some chocolate manufacturers have already warned that rising cocoa bean prices may force them to pass on the cost to consumers.
Although discussions about the restitution of African artifacts predate independence in most African countries, they intensified in the latter half of the 20th century. Archaeologist and Nigeria’s head of the Federal Department of Antiquities, Ekpo Eyo, sent circulars to several European embassies in 1972 about the repatriation of the Benin Bronzes (thousands of 14th- to 16th-century plaques and sculptures taken by the British from the African Kingdom of Benin in the late 19th century) and spurred official pronouncements like the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export, and Transfer of Ownership of Cultural Property. This convention offers a shared framework among state parties regarding actions required to prohibit and prevent cultural property import, export, and transfer. The convention emphasizes that the return and restitution of these cultural properties are the linchpin of the convention, which mandates safeguarding the identity of peoples and promoting peaceful societies to strengthen the spirit of solidarity and stifle the expansionary rise of black-market trades across the continent. ‘A violation of human rights’: Will the UK government get away with deporting asylum seekers to Africa? Read more ‘A violation of human rights’: Will the UK government get away with deporting asylum seekers to Africa? After 150 years, the Ashanti Gold artifacts are held in various museums around the world, including major museums in Europe and North America. The British Museum in London holds 32 of the 39 historical artifacts, while seven treasures are at the Fowler Museum of the University of California in Los Angeles. Other minor artifacts, which receive little attention, are held in museums such as the Metropolitan Museum of Art in New York City, the Musee du quai Branly-Jacques Chirac in Paris, and other smaller regional museums or private collections. In restitution efforts for the Ashanti Gold artifacts, complex legal and logistical hurdles are at play. Firstly, there has to be established provenance through examining documentation, archives, and historical records, owing to the difficulty arising from the long years of history and multiple transfers. Variations in international laws governing the repatriation of cultural property also add to the myriad of challenges. Transporting the artifacts from current holders to their destination and settling associated legal disputes or financial concerns provides further complication. Collaboration among international partners toward this is essential for successfully repatriating these artifacts. In conclusion, this extensive discussion about restitution aims to deepen existing Euro-African diplomatic relationships. The emphasis on restitution primarily lies in its utility as a building block for reconciliation; it aims to rectify pre-colonial injustices, foster international dialogue, and advance the growing bilateral trade between countries on both continents. The Ghana restitution experience will provide the policy framework and lead the roundtable engagement for restitution claims from other countries in Africa. As noted earlier, this action will not only demonstrate contrition but also make the most declarative statement from the West and other collaborators regarding their penitence during this ruinous expedition in colonial Africa.