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Ghana and Ivory Coast both lifted the suspension of cocoa sales for the 2020/2021 season from 16 July.
The decision was contained in a joint statement issued and signed by Mr. Joseph Boahen Aidoo, Director General of the Ghana Cocoa Board, and by the head of the Ivory Coast Coffee and Cocoa Council, Yves Koné-Brahima.
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 the world's cocoa production and have agreed on a "constant subsistence gap of 400 farmers" on every tonne of cocoa produced by the two countries.
In view of the above, the two countries have decided to lift the suspension of sales of the 2020/2021 crop from 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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