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Stakeholders agree to $2,600 floor price for Ghana-Cote d'Ivoire cocoa

By Mutala Yakubu
Stakeholders agree to $2,600 floor price for Ghana-Cote d'Ivoire cocoa
Stakeholders agree to $2,600 floor price for Ghana-Cote d'Ivoire cocoa

Key stakeholders in the cocoa business have agreed in principle to Ghana-Cote d'Ivoire $2,600 floor price for a tonne of cocoa.

The agreement was reached on Wednesday, June 12, 2019, in Accra after the two nations came to a consensus on the price.

The meeting has been necessitated by the fact that the two countries only get US$6 billion annually in the US$100 billion-dollar chocolate industry.

Both Ghana and Cote d'Ivoire supply more than 65 percent of the World's cocoa.

A tonne of cocoa, according to the International Cocoa Organisation, is being sold in excess of US$2,390 on the world market. 

The Chief Executive Officer of COCOBOD, Mr Joseph Boahen Aidoo, told the media in Accra that the stakeholders, comprising traders, processors and manufacturers also agreed that Ghana and Cote D'Ivoire would not sell products from the 2020/21 cocoa season until further notice.

Mr Aidoo said the stakeholders further agreed that they will meet on July 3 in Abidjan, Cote D'Ivoire, to deliberate further on the floor price and the suspension of sales from the 2020/21 cocoa season.

Besides discussing the minimum price for cocoa beans, other issues expected to come up in the two-day meeting will include the use of child labour on farms, deforestation, among others.

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