Hey Hershey: Share the Goodness with Cocoa Farmers
Post Date: 4/23/2020
As COVID-19 spreads around the globe, it’s hitting hardest those who were already in poverty. Before the pandemic, cocoa farmers in West Africa were struggling, earning an average of just $0.78 per day. That kind of extreme poverty is no accident. The global cocoa trade is built on paying low prices to farmers and extracting billions of dollars in profit each year.
Just one company, Hershey Chocolate, managed to extract $1.15 BILLION in profits in 2019. That’s more per share than an average farmer earned in a week. Even before the COVID-19 pandemic, cocoa farmers were already in crisis. And chocolate companies were posting year on year of growth and higher profits, based in part on the low prices that have left cocoa farmers struggling.