Côte d'Ivoire, Ghana insist $2,600 for per tonne of cocoa beans for global market

Ghana and Côte d'Ivoire are all set to declare that buyers of cocoa beans should pay a minimum of USD 2,600 for every tonne of cocoa produced in two nations.

According to Graphic Online, Ghana and Côte d'Ivoire want to make a regulation that neither any of the country will sell cocoa beans on the global market if the value per tonne dwindles below the USD 2,600 mark. This figure is the proposed floor price that both the countries are insisting the stakeholders to maintain.

It was proposed to about 300 representatives of cocoa buyers, traders, processors and other industry players at a two-day stakeholder meeting in Ghana's capital city of Accra. 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.

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. The International Cocoa Organization quoted the price for a tonne of cocoa at US$2,436.08 as of the close of business on Monday, June 10.

A formal decision on the floor price is expected to be announced on Wednesday, June 12, 2019, according to the sources of Graphic Online.

Also Read: Ghana: Queen Mother of Adabraka educates girls on menstrual hygiene, STDs from sex