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The Ivory Coast and Ghana, the world's two largest cocoa producers, have put an end to the threat of stopping selling their production in a context of rising prices.
In what they called a "historic" initiative, the two West African neighbors promised on June 12 to suspend the sale of their 2020/2021 production to buyers not wishing to respect a minimum price of $ 2,600. the ton, a decision that shook the cocoa market.
The two African countries – which together account for 60% of global production – are campaigning to end a situation in which cocoa farmers earn only $ 6 billion in a world chocolate market worth around $ 100 billion of dollars.
"Both countries have decided to lift the suspension of sales of the 2020/2021 crop as of today, July 16," said Yves Kone-Brahima, chief of the coffee and cocoa board. from Ivory Coast, and Joseph Boahen Aidoo, President of the Ghana Cocoa Board. said Tuesday in a joint statement.
At a meeting in Adidjan, the commercial capital of Ivory Coast, on July 3, the two countries presented a vital income differential of $ 400 per ton.
The differential would come into effect for the export contracts of the 2020/2021 crop if market prices fell below $ 2,600 per tonne.
According to a World Bank report released last week, Ivory Coast, the world's largest producer, earns only a fraction of the potential value of this crop and that 55 percent of cocoa growers live with about 757 CFA francs (1.3 / 1.15 euros) per day, ie below the poverty line.
Cocoa accounts for 40% of the country's exports, but the country only makes about 8% of the total profits of the cocoa-chocolate sector.
Nearly 80% of the sector's profits are concentrated in the processing of chocolate paste and in the distribution of finished products to consumers, "two phases in which Côte d'Ivoire is not yet playing a major role", says The report.
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