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

16 Super wealthy Ghanaians who attended Adisadel College

With over 20,000 old boys across the globe, Old students of Adisadel college make up the world's workforce with a number of them in the 1% upper class.

First Lady, Rebecca Akuffo-Addo and her daughters take on Japan in glamorous fashion

First Lady, Rebecca Akuffo-Addo and her daughters were spotted living their best lives on a trip to Japan last week.

#CarliFer19: After falling in love at first sight, Carlos & Jennifer have tied the knot

The concept of love, at first sight, can sometimes sound like an out of the book fairytale to most people but for this handsome...

Ghanaian stylist, Kelvincent makes it into Edward Enninful’s 10 Best #VogueChallenge Covers

Stylist to the stars and Ghanaian creative, Kelvin Vincent was one of the lucky readers, selected by British Vogue Editor, Edward Enninful as part of his Top 10 #VogueChallenge Covers.

Fela Makafui is redefining what it means to be called a boss chick in these new photos

Fella Makafui is redefining what it means to be a stylish career woman.