Ghana and the Ivory Coast have made history with a $2,600 price for cocoa

Leading producers of Cocoa, Ghana and La Cote d’Ivoire have made a historic concession by announcing a set price for cocoa beans from both nations.

On Wednesday, they both agreed to ask for $2,600 as floor-price rather than the $1,808 it currently sells on the market.

Earlier, this week, cocoa prices went high on the international market as the two countries refused to sell their beans to stakeholders over new fees.

However, the issue was resolved after two days of intense meetings between heads of cocoa organizations in the two countries and representatives of global cocoa and confectionary companies, manufacturers, producers and retailers in the cocoa industry.

Addressing a press conference in Accra, Chief Executive Officer of the Ghana Cocoa Board, Joseph Boahen Aidoo said ‘[Cote d’Ivoire] and Ghana have suspended the sale of the 2020/2021 crop until further notice for preparation of the implementation of the floor price,’

In what he describes as a “historic” move, Aidoo explained that ’It is the first time when the producers have called consumers and the first time whereby suppliers have called buyers to come and engage on price’

Ghana and Ivory Coast are the producers of 65% of the world’s cocoa. Despite, the important role it plays in the 100 billion dollar industry, they only gain $6bn of overall revenue.

This is largely due to the failure of successive governments in both countries to invest in cocoa production and selling finished products to the chocolate market.

According to a report cited on Bloomberg local farmers made “only about 5.5 per cent of a global supply chain worth more than $100 billion”. This was less than the 15% value-added tax governments in developed nations charged on chocolate products.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Sponsor

spot_imgspot_img

Latest

27 Stylish face masks by African designers that’ll look super cool on you

Face masks and 'masking it' has become the new normal for everyone due to the dangers posed by the COVID-19 pandemic.

#WeddingGuestStyle: The latest wedding guest's outfits we saw this week

This week as we all stay home and isolate from all the drama and world issues we can use it to start creating our wedding guest mood boards and start designing our next stylish look for a wedding.

Stonebwoy shared adorable photos of his wife, Louisa on Instagram and we are love-struck

On Wednesday, he shared two scintillating photos of his adorable wife that captured the whole internet.

Ghanaian British actor Idris Elba and wife have become the first black couple to cover British Vogue

Actor Idris Elba and his newly-wedded wife, Sabrina Elba, née Dhowre have officially become the first black couple to go on a British Vogue cover and it's pretty historic.

83 patients have recovered from the Corona Virus in Ghana

Eighty-three patients who got infected with the novel Coronavirus in Ghana have recovered according to the Ghana Health Service.