Bad news for chocolate lovers - expect your fix to get more expensive as cocoa prices keep rising

Various chocolate brands around the world are reporting increased prices and a dip in sales, as the price of cocoa continues to soar.

Prices have almost tripled in the past year, reports the Financial Times, as extreme weather and disease have hit harvests in Ivory Coast and Ghana.

The two West African countries together produce two-thirds of the world’s cocoa.

Choco-pocalypse? Cocoa prices surge past $10,000 per metric ton for 1st time ever

Stephen Grootes talks to Anthony Gird, co-founder and director of Honest Chocolate, a small, artisanal Bean to Bar company based in Cape Town.

"Around 60% of the world's cocoa bean is grown in Ivory Coast and Ghana, so the crop is highly concentrated in those areas, which have had a lot of weather-related problems in the last three years resulting basically in crop failure."

"Cocoa is a stock-exchange traded commodity, and if the supply of the area which grows 60% is affected, that is going to affect prices everywhere."

Anthony Gird, Co-founder - Honest Chocolate

As a result, while Honest Chocolate sources much of its supply from Tanzania which has not experienced that extent of crop failure, it will also be paying higher prices.

The company was already paying above-market price as its MO is ethical sourcing of organic beans in a system delivering rewards back to small-scale farmers.

Now, however, the market price is double what they used to pay, says Gird.

On a positive note he adds, the current supply and demand dynamics are incentivising farmers to grow more of the crop and they are reaping the financial rewards in those countries where governments don't set the price.

Scroll up to the audio player to listen to the interview