Ghana, Ivory Coast close to adopting single cocoa trading system

Business News of Thursday, 25 October 2018

Source: Myjoyonline.com

2018-10-25

Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo

The Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo has revealed that Ghana and Cote d’Ivoire are close to harmonising their system of trading cocoa at the world market. This is to give the two major producing countries some control, at the cocoa market.

The harmonisation will help the two countries in their quest take a strong position on deciding the price of cocoa at the world market.

The two countries have been collaborating in recent times on how to improve the income of farmers but the difference in their respective trading systems has become a major setback.

But speaking Thursday, October 25, as a panelist at ongoing World Cocoa Foundation meeting in Sao Paulo, Brazil, the head of Ghana’s cocoa regulator indicated that the major driving force for the collaboration of the two countries is the price.

“It’s unethical, unfair and we cannot talk about the sustainability of the industry when we are not paying commensurate and rewarding price to farmers,” Mr. Aidoo said, adding that it is his expectation industry will respond to the call.

Mr. Aidoo also revealed that a technical team has been set up between the two major cocoa producing countries, to come out with the true cost of production per tonne which they believe will serve as the basis of setting the floor price.

He further indicated that all other producing countries will be engaged to be part of such a major revolution in the industry.

The COCOBOD Chief Executive further announced major achievements made as a result of engagements between Ghana and Cote d’Ivoire initiated by Presidents Nana Akufo-Addo and Alassane Ouattara, respectively.

He noted that the two countries have started dealing with the problem of cocoa swollen shoot virus disease, by launching a joint programme some two months ago.

The World Cocoa Foundation partnership is a meeting of all major and minor stakeholders in the cocoa industry.

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