WEST AFRICA – Ghana and Cote d’Ivoire have scheduled the 2020/2021 season as
The move also brings a new era in the cocoa sector marking the first time African Cocoa producing countries are dictating prices for international processors and marketers.
Mr Boahen Aidoo further explains that the “new arrangement fixes a constant extra US$400 for every tonne of cocoa from the two countries,” adding that new floor price would subsequently ensure a decent income for cocoa farmers.
However, he noted that the both countries will have to adhere strictly to international standards in cocoa production especially through ensuring sustainable cocoa sourcing.
He revealed that stringent policies would be rolled by the board to deal with issues of child labour and deforestation in cocoa producing areas in the country.
Mr. Boahen Aidoo further added that a stabilization fund account would be created for the two countries to serve as a backup, to boost prices in case of a fall below the stipulated floor price.
“A stabilization fund account shall be established under the cocoa initiative of both countries and provided for in the Charter, two accounts to be set up for each country within the secretariat in Accra.
“Any extra value above US$3000 CIF or US$2900 gross FOB (free on board) of the achieved weighted average will be placed in these accounts,” he said
According to a GhanaWeb report, the funds will only be disbursed from the stabilization fund account to support falling floor price