Ghana and Cote d’Ivoire have suspended the sale of cocoa beans to the open market under the 2020/2021 crop season until further notice.
The suspension was announced in Accra Tuesday by the two countries to about 300 stakeholders in the cocoa value chain, comprising traders, processors and chocolate manufacturers.
It is part of efforts by the two countries, who supply more than 60 per cent of global cocoa figures, to get stakeholders in the value chain to give farmers a fair price that reflects their contribution to the sustenance of the cocoa industry.
According to reports the gesture, which is the first of its kind by the world’s top two cocoa growers, is meant to put pressure on stakeholders to adopt a floor price for the soft crop.
Under the arrangement for a floor price, the two countries have agreed that none of them will sell their produce in the international market below the agreed minimum price.