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Ivory Coast began selling cocoa directly to major global traders, moving from auction to a system already used by Ghana, the other major cocoa producer in the region, said two main sources of cocoa regulation.
Côte d'Ivoire sold 400,000 tonnes with the new system in the first week of February, sources told the Coffee and Cocoa Council (CCC) told Reuters.
The CCC was not available for an official comment Monday or Tuesday, despite repeated requests from Reuters.
CCC in Côte d'Ivoire and Cocobod in Ghana have agreed to harmonize the sales system used by the two largest cocoa producers in the world in order to further influence international prices, which have remained low in recent years in recent years. because of overproduction.
In Ivory Coast, CCC was selling to exporters through an auction system on its platform twice a day. This practice, introduced since 2012, is being phased out.
"After a meeting with Cocobod's board of directors in Abidjan in December, we decided to merge our sales systems, favoring the one in Ghana that seems more adapted to market fluctuations," said a source from CCC.
In Ghana, cocoa is sold directly to exporters, based on the international price.
"We have already sold 400,000 tonnes with this new system out of a total of 600,000 tonnes for the 2019/20 season," said the CCC source.
Côte d'Ivoire, the world's largest cocoa producer, produced 2 million tonnes last season and is expected to produce about 2.2 million tonnes this season, a record high.
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