GHANA – Ghana and Cote d’Ivoire have suspended the sale of cocoa beans to the open market under the 2020/2021 crop season until further notice
As the world’s leading cocoa suppliers with a combined market share of more than 65
Ghana and Côte d’Ivoire are proposing that buyers of cocoa beans must pay a minimum of US$2,600 for every tonne of cocoa produced in the two countries.
This represents a 6% increase benchmarked against the International Cocoa Organisation which quoted the price for a tonne of cocoa at US$2,436.08 as of the close of business on Monday, June 10
Under the arrangement for a floor price, the two countries have said that none of them will sell their
The two countries last year unveiled plans to coordinate cocoa production and marketing as part of efforts to exert more control in the market after price volatilities in recent years
Despite supply more than 60 percent of cocoa to the global market, Ghana and Cote d’Iviore only generate US$6 billion annually in the US$100 billion-dollar chocolate industry.
It is on that basis the two largest producers of the commodity through their regulators, Ghana Cocoa Board and Le Conseil du Café-Cocao of Cote d’Ivoire, made a declaration in 2018 in Cote d’Ivoire for bilateral partnership to have a greater stake in determining the prices of cocoa.