Buyers in the European cocoa market are forced to pay the highest price for quality beans from the leading global producers of Cote d'Ivoire and Ghana to compete with higher prices in the United States.

Rising prices can hit cocoa consumers next season, especially in the event of a possible upcoming crop failure, as consumers will be forced to replenish stocks of large quantities of cocoa with substantial premiums.

The price of cocoa from Côte d'Ivoire is currently £ 160-170 per tonne and the highest in eight years, while Ghana's cocoa prices are around eight-year highs of £ 300-350.

“There is a huge shortage of short-term supplies. If you want to buy good quality beans in Europe, you will not find them, otherwise they will be very expensive, ”said one of the traders.

Despite the jump in prices in Europe’s physical markets, the leading producers of Côte d'Ivoire and Ghana have teamed up to set the minimum price that chocolate companies and processors have to pay if they want to access more than 60% of the world's cocoa supplies control.