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Ghana and Côte d'Ivoire require a higher minimum price for cocoa. Markets reacted immediately – after all, they are the biggest producers in the world.
Obviously, chocolate could soon become more expensive
Cocoa prices rose sharply on Wednesday after the announcement of the sale by the two major producing countries. The two countries of West Africa, Ghana and Ivory Coast, claimed a minimum price of $ 2,600 per tonne of chocolate raw material at a meeting with buyers in Accra on Wednesday. As a result, the price per ton increased during the day in New York, reaching $ 2540, an increase of 1.4%.
At a press conference, Joseph Boahen Aidoo, chairman of the Ghana Cocoa Board, said the applications had been accepted in principle.
At a follow-up meeting, the implementation of the agreement should be discussed. Until then, Ghana and Côte d'Ivoire would suspend the sale of the 2020/2021 crop. He spoke of a "historical" stage. For years, buyers would have determined the price.
Both countries account for 60% of world cocoa production. Yves Kone, chairman of the Ivorian Coffee and Cocoa Council, called for a price that would amount to "an acceptable compensation" for the workers' efforts. The cocoa market is worth about $ 100 billion, of which only $ 6 billion goes to poor cocoa producers, which is unfair.
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