Farmers Drying their cocoa beans in the Eastern Region
Farmers Drying their cocoa beans in the Eastern Region

Stakeholders in the cocoa industry agreed here on Wednesday to the 2,600 U.S. dollars floor price for a ton of cocoa as proposed by Ghana and its western neighbor Cote d’Ivoire, the world’s two largest cocoa producers.

This followed two days of negotiations at a stakeholders engagement in the Ghanaian capital.

“The proposed 2,600 dollars floor price was accepted by all stakeholders,” said Joseph Boahen Aidoo, chief executive officer of Ghana Cocoa Board (COCOBOD).

To firm up their stance, Ghana and Cote d’Ivoire, the two largest cocoa producers, have suspended forward sales of the 2020/2021 crop.

“We will only resume sales if the 2,600 dollars are accepted as the floor price for the 2020/2021 crop,” Aidoo added.

He said the processors, manufacturers, and traders have called for a follow-up technical meeting in Abidjan next month to fine-tune modalities for implementing the floor price.

According to Kone Brahima Yves, director general of the Cafe-Cacao of Cote d’Ivoire, the main reason for the floor price proposed by the two leading cocoa producing nations is to ensure that farmers get better dividends for the sale of their cocoa beans. Enditem

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