Africa

Investors are dubious of Africa's new cocoa cartel

Data: Investing.com; Chart: Axios Visuals

Investors aren't buying the idea of a potential Organization of Cocoa Exporting Countries, and cocoa prices sank late last week after rallying to an 11-month high.

Driving the news: Ghana and Ivory Coast reached an agreement not to sell cocoa for less than $2,600 a ton for the harvest that will begin in October 2020. The two African nations account for 60% of the world's cocoa production. That sent cocoa prices to $2,552 Wednesday.

African migrants are arriving at the U.S.-Mexico border in record numbers

Migrants
A migrant from Ethiopia relaxes on his bed at the Albergue Para Migrantes El Buen Samaritano as he waits to have his number on a waiting list that is months long to be called to have an initial interview with an United States asylum officer. Photo: Joe Raedle/Getty Images

African migrants are coming to the U.S.-Mexico border in unprecedented numbers, the AP reports.

Driving the news: In one week, border officials in Texas and Maine have reported stopping more than 500 African migrants fleeing economic hardship and human rights abuses. In 2018, only 211 African migrants were detained along the U.S.-Mexico border.