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Company News of Thursday, July 18, 2019
Source: Ghananewsagency.org
2019-07-18
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Ghana and Ivory Coast lifted the ban on cocoa sales for the 2020/2021 season from 16 July.
The decision was contained in a joint statement issued and signed by Joseph Boahen Aidoo, Ghana Cocoa Board CEO, and Yves Koné-Brahima, head of the Ivory Coast Coffee and Cocoa Council.
At a two-day meeting in Accra in July, the two countries announced the suspension of their application for a floor price of 2,600 USD, which was accepted by stakeholders.
Ghana and Ivory Coast, together, produce more than 60% of world cocoa production and have agreed on a "living subsistence gap of US $ 400" for each ton of cocoa. cocoa produced by both countries.
The statement said that "in view of the above, the two countries have decided to lift the suspension of sales of the crop 2020/2021 as of today, July 16," the statement said.
She stated that they would legislate on the minimum producer price to be paid to cocoa farmers in order to preserve their income.
Both countries would pay farmers a guaranteed minimum price of 70% of the floor price of USD 2,600 per tonne.
Farmers would also be eligible for a bonus when the average free gross price at the end of the cocoa season is between USD 2,200 (USD 2,700) and USD 2,900 (USD 3,000). ).
Countries have agreed to establish a stabilization account under the cocoa initiative of both countries and provided for in the Charter.
In the same vein, two accounts would be created for each country within the secretariat in Accra, where any additional value over USD 3,000 CIF or USD 2,900 gross FOB of the weighted average achieved will be deposited.
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