4.4 • 350 Ratings
🗓️ 19 March 2025
⏱️ 21 minutes
🧾️ Download transcript
The surging price of gold is leading to some unexpected outcomes. The FT’s Aanu Adeoye traveled to Ghana to see how this is playing out among two of the country’s top commodities: gold and cocoa. Aanu and the FT’s Susannah Savage explain how the two commodities are linked and how it is impacting the people who live in the country.
Clips from NBC, ABC, CBS
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For further reading:
How illegal gold mining is fuelling a chocolate shortage
Food groups develop a taste for cocoa alternatives
From London to New York via Switzerland: the booming trade in gold bars
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Follow Aanu Adeoye (@aanuadeoye) and Susannah Savage (@SavageSusannah) on X. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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0:00.0 | Lately, the price of gold has been exploding. |
0:08.3 | The price of the precious yellow metal on the rise. |
0:11.6 | Gold made history smashing record highs. |
0:14.1 | Prices for the precious metal briefly topped $3,000 an ounce today for the first time. |
0:20.3 | And this increase has a lot to do with what's happening around the world. |
0:25.1 | U.S. President Donald Trump's tariff threats, geopolitical tensions. |
0:30.6 | It's making investors want to put their money somewhere secure. |
0:34.4 | So whenever things are really uncertain, people don't know what's going to happen next, |
0:38.7 | they tend to move their money into gold. Gold is what's known as a safe haven asset. It's because, |
0:45.1 | you know, it's never going to go too crazy. If you're an investor and you're investing in stocks of a |
0:51.2 | company, that could suddenly tank because the company is hit by tariffs or |
0:55.2 | some other legislative change, whereas gold is always going to be gold. But as more investors |
1:02.1 | pile into gold and push the price up even higher, that's leading to some unexpected consequences. |
1:09.8 | Let's consider a country like Ghana. |
1:12.7 | It's one of the world's largest producers of gold. |
1:16.0 | So you'd think this news would be good for the people living there. |
1:20.1 | But this demand is actually impacting another super important commodity. |
1:26.3 | Ghana produces a lot of gold, but it also produces a lot of cocoa. |
1:30.4 | Coco's the key ingredient in making chocolate. |
1:33.3 | And these two are linked. |
1:35.8 | The two commodities are pretty much in competition in a way. |
1:39.4 | And so if you want to take gold from the ground, |
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