Stakeholders approve Ghana, Côte d’Ivoire maiden floor price for cocoa beans

Stakeholders in the cocoa industry have agreed to purchase a tonne of cocoa from Ghana and Cote D’Ivoire at $2,600.

The latest agreement was reached in Accra Wednesday June 12, 2019 at the instance of the two West African neighbours, who supply more than 60 per cent of global cocoa beans.

If implemented this will be the first time that cocoa producers would have a significant say in the determination of price for the commodity, major raw material for the global US$100-billion chocolate and cocoa confectionery industry.

ALSO READ: Ghana, Côte d’Ivoire pegs maiden floor price for cocoa beans at US$2,600

The demand by the countries came on the heel of continuous falling prices of cocoa on the international market, hitting US$2436.08 per tonne on June 10, 2019.

Delivering a communique at the end of the stakeholder engagement, Chief Executive Officer of Ghana Cocoa Board (COCOBOD),  Joseph Boahen Aidoo, noted stakeholders also agreed that Ghana and Cote D’Ivoire would not sell produce from the 2020/21 cocoa season until further notice.

He also announced a follow-up meeting on July 3 2019, to be held in Abidjan for further deliberations, especially regarding the indefinite halt in cocoa beans sales for the 2020/21 cocoa season.

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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