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Company News from Wednesday, June 12, 2019
Source: Graphic.com.gh
2019-06-12
Some cocoa producers (archive photo)
Ghana and Côte d'Ivoire suspended until further notice the sale of cocoa beans on the open market during the 2020/2021 crop year.
The suspension was announced Tuesday in Accra by the two countries to about 300 stakeholders in the cocoa value chain, including traders, processors and chocolate makers, said Maxwell Adombilla Akalaare of Graphic Online.
The two countries, which provide over 65% of global cocoa figures, have asked stakeholders in the value chain to give farmers a fair price reflecting their contribution to the maintenance of the cocoa industry.
The reports suggest that this move, which is the first of its kind among the top two cocoa producers in the world, is intended to put pressure on stakeholders to adopt a floor price for sweet culture.
As part of the agreement on a floor price, the two countries agreed that none of them would sell their products on the international market at prices below the agreed minimum price.
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