Key producers of cocoa, Ghana & Cote d’Ivoire has warned to stop the supply of product to buyers over its cost which triggered a sharp growth in cocoa prices.
The two African nations listed the commodity price in New York which was $2,540 of a tonne. Both countries produce 60% of the world’s cocoa production. They have called for a two-day meeting in Accra with buyers over the issue and demanded $2,600 per tonne.
CEO of the Ghana Cocoa Board, Joseph Boahen Aidoo has informed that buyers have accepted their demands related to cocoa prices. However, soon there will be a follow-up session regarding the implementation of the agreement. Both nations have postponed the sale of 2020/2021 season crop for preparation of working on floor price.
He called the meeting a historic session as the first time in history producers have called buyers for price issue. In past years, buyers have the right to determine the price of the crop for producers. Earlier, the chief of coffee and cocoa council in Cote d’Ivoire stressed on the need for a decent amount for worker’s efforts. Only $6 billion out of $100 billion from the cocoa market goes to suppliers.
Read More: Ghana Business News
Copyright © 2019 Ghanalive.TV. All Rights Reserved.