Ghana and Côte d’Ivoire are proposing that buyers of cocoa beans must pay a minimum of US$2,600 for every tonne of cocoa produced in the two countries.
The US$2,600 is the proposed floor price that the two countries, which account for 65 per cent of global cocoa supplies, are proposing to stakeholders in the value chain.
The International Cocoa Organisation quoted the price for a tonne of cocoa at US$2,436.08 as at the close of business on Monday, June 10.
According to reports the two countries want to insist that neither of them will sell their produce on the global cocoa market should the price per tonne fall below the US$2,600 mark.
It was proposed to about 300 representatives of cocoa buyers, traders, processors and other industry players at a two-day stakeholder meeting in Accra on Tuesday.
When accepted and adopted, the amount will be the first-floor price to be set by the two top growers, bringing to an end the century-old pricing structure that makes cocoa producers price takers.
A formal decision on the floor price is expected to be announced on Wednesday, June 12, 2019.
It is understood that the proposal could be adopted in its raw form or altered, depending on the outcomes of negotiations that are currently ongoing between officials of the two top cocoa growers and stakeholders in the value chain.
In a related development, 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.