Cocoa stakeholders accept $2,600 as maiden floor price for tonne of cocoa

Business News of Thursday, 13 June 2019

Source: Graphic.com.gh

2019-06-13

Stakeholders in the cocoa business have agreed in principle that they will not buy a tonne of cocoa from Ghana and Cote D’Ivoire below $2,600.

The agreement was reached in Accra Wednesday at the instance of the two West African neighbours, who supply more than 65 per cent of global cocoa beans.

The Chief Executive Officer of COCOBOD, Mr Joseph Boahen Aidoo, told the media in Accra that the stakeholders, comprising traders, processors and manufacturers also agreed that Ghana and Cote D’Ivoire would not sell produce from the 2020/21 cocoa season until further notice.

Graphic Online’s Maxwell Akalaare Adombila reported that Mr Boahen Aidoo announced these when he read a communiqué to the media.

The communique was the penultimate of a two-day stakeholder engagement on cocoa farmer income.

Mr Aidoo said the stakeholders further agreed that they will meet on July 3 in Abidjan, Cote D’Ivoire, to deliberate further on the floor price and the suspension of sales from the 2020/21 cocoa season.