Ivory Coast and Ghana to co-ordinate cocoa sales to better influence the market
The two countries supply about 60% of the world’s cocoa and want more leverage on global prices; the deal will also set a ‘decent’ floor price for farmers
Abidjan, Ivory Coast — Ivory Coast and Ghana, which together supply about 60% of the world’s cocoa, will start co-ordinating their sales of the beans as part of efforts to exert more influence on the market. The West African neighbours want to harmonise their marketing systems and officials from each country will visit the other to exchange information, Joseph Boahen Aidoo, CEO of Ghana’s cocoa regulator, told reporters in Abidjan, Ivory Coast’s commercial capital, on Wednesday. "So once we’re able to harmonise, then the two countries can decide when to go to the market," Aidoo said. "Once that decision is taken and what amount or volumes of cocoa that can go to the market, then we can regulate." The countries will also work on setting a "decent" floor price for their farmers and will announce the rate at the same time before each harvest from next season, they said in a statement. Ivory Coast and Ghana have been discussing plans for co-operation to strengthen the West African cocoa...
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