Word: cocoa
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Many of Busia's troubles were not of his own making. Since he came to power, the world price of cocoa, Ghana's chief export crop, has dropped from more than $ 1,000 a ton to as low as $466 last month. More important, Busia inherited a staggering national debt of more than $1 billion from the Nkrumah regime, which he had tried desperately to reduce. The price was the allocation of a quarter of this year's budget to interest and debt repayment, and postponement of other national priorities...
...Nigeria is full of boom talk, and the country has enormous economic potential. It is rich in cash crops -cocoa, peanuts, palm oil, coal and iron ore. Most important is oil, which was discovered there in 1956. With a current output of 1,700,000 bbl. a day, Nigeria has passed Iraq and Canada to become the world's ninth largest oil producer. The government's share of the profits is expected to surpass $1 billion this year and $1.25 billion next year...
...Fort Worth, a newspaper recently published a story about the effects of the aerospace decline on the economy of Cocoa Beach, Fla. It took note of that city's many empty stores, deserted motels and HOUSE FOR SALE signs. The story could hardly have assuaged Fort Worth residents. They have faced the same dreary landscape since the severe cutbacks at General Dynamics and Bell Helicopter. Says Ray Hayes, an employment-agency executive: "The outlook for aerospace workers here has never been grimmer. I have a man with four degrees who never been grimmer. I have a man with four degrees...
...Africa, where the rust has been a problem for many years. Airborne spores have been found 2,000 feet above infected plants. Man himself is probably a carrier. A heavy outbreak in the Brazilian state of Bahia in 1967 may have begun when African delegates to an international cocoa conference inadvertently imported spores on their clothing...
Most of the losses developed from unauthorized speculation in the volatile world cocoa market, which some men associated with the bank reportedly tried to corner. Seven officers of the Basel bank have been arrested on charges of suspected fraud and mismanagement. Among them are Paul Erdman, the vice chairman and the only American in the group, and Alfred Kaltenbach, deputy chairman. Both were officers of the bank before it was bought by United California last year. Until then, it was known as the Salik Bank and had a reputation for involvement in speculative deals...