Cote d’Ivoire-Ghana-Economy-Cocoa

Cote d’Ivoire, Ghana lift ban on cocoa sales

APA - Abidjan (Cote d’Ivoire)

Cote d’Ivoire and Ghana, which account for 65 percent of the world’s cocoa production have lifted the suspension of sales for the 2020-2021 crop season, starting from July 16, 2019, according to a statement seen by APA on Tuesday.

The world's foremost cocoa producers held a meeting in Accra on June 11-12, 2019, during which the two countries decided to propose a floor price of $2,600 per ton (CFA1.5 million), under which they would not sell their producers’ cocoa yields.

At the end of that meeting, which involved traders, processors and chocolate makers for the implementation of a common price floor, a technical committee of experts comprising them, was set up to sharpen reflection on the implementation of a common pricing system.

“Pending the conclusion of the Committee meeting in Abidjan (which brought together the two countries, traders and chocolate makers) on July 3, 2019, Cote d’Ivoire and Ghana suspended crop sales for the 2020-2021 season until further notice,” the statement said.

Following the Abidjan meeting, the two countries implemented a floor price concept through the introduction of a decent income differential (DRD) of $400 per ton for any cocoa sales contract obtained from Cote d'Ivoire and Ghana for the 2020-2021 crop season. 


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