Ghana And Cote D`ivoire Cocoa Agreement

Together with Côte d`Ivoire and Ghana, the world`s two largest cocoa producers, and Nigeria, fifth behind Ecuador and Cameroon, ECOWAS member countries account for 68% of the world`s cocoa supply. In other words, during the 2019-2020 season, 3.4 million tonnes were harvested, out of a global total of 5 million tonnes. “We will increase the price of cocoa on October 1st,” he said of the Hoftor award. READ MORE Nigeria`s plans for cocoa OPEC, which are unlikely to bear fruit Merchants and cocoa brokers call the plan the biggest overhaul of the global cocoa market in decades – from the beginnings of cocoa bean producers to the end with a consumer catching a chocolate bar. READ MORE Akufo-Addo says Nigeria, Cameroon`s accession to the cocoa price stage is needed LID is due to come into force in October but the new organization, the Côte d`Ivoire-Ghana Cocoa Initiative (ICCIG), marks a formal step towards closer relations and aims to promote its cocoa industry internationally while strengthening its collective position on the world market, the Ivorian government said in a statement. The organization will allow the two countries to formalize an agreement that began three years ago, when both announced Farmgate prices at the start of the growing season (October 1), including reducing cocoa smuggling beyond their shared border, Reuters reported. The two West African neighbours joined forces in June to impose a base price for cocoa of $2,600 per tonne and a living income gap of $400 per tonne. READ MORE Can Ghana and Côte d`Ivoire really raise cocoa prices? On Wednesday, Ghana and Côte d`Ivoire suspended the pre-sale of cocoa beans for the 2020/21 season until an agreement is reached on the price of the soil. “COPEC,” as some in government and industry have called the new partnership, is already causing confusion and unease in the $107.3 billion global chocolate market. The new premium, the second attempt to create a cartel in the cocoa market in the last 50 years, is expected to come into force in October. Côte d`Ivoire and Ghana will sell cocoa from the 2020-2021 crop for as much as $2,600 a tonne, Ivorian President Alassane Ouattara said tuesday, reaffirming his country`s determination to maintain an agreement with Ghana to coordinate prices.