EQ1 WTO Ghanas cocoa trade

Question 1

What was Ghana ruled by and what was it the largest producer of?

Answer 1

During colonial times, Ghana was ruled by Britain and was the worlds largest producer of cocoa

Question 2

What 3 factors now lead to global cocoa prices since Ghanas independence?

Answer 2

-Commodity traders: in financial centers like london, traders buy cocoa in advance for TNCs like Cabury
-Overseas tariffs: Ghana is stuck selling raw cocoa beans instead of producing processed cocoa. loss of income + employment because of EU tariffs.
-Unequal power: Ghanaian farmers cant compete with imported or subsidized American or European foods.