Ghana and Ivory Coast have won concessions from international stakeholders in the cocoa industry, including acceptance of a $2,600 floor price per tonne of cocoa. The world’s chocolate market is worth around $100 billion, only $6 billion go to cocoa producers.
Ghana and Ivory Coast produce over 65% of world’s cocoa
Both countries threatened to suspend sales to buyers unless they were willing to meet the proposed minimum price of $2600 per tonne
A formal decision was taken in June 2019, as the two producers took on almost 300 representatives/stakeholders in the cocoa value chain, by categorically agreeing that neither Ivory Coast nor Ghana will sell their produce in the international market below the agreed minimum price.
News Source: Agricinghana Media