20°C / 22°C
  • Mon
  • 33°C
  • 16°C
  • Tue
  • 33°C
  • 18°C
  • Wed
  • 29°C
  • 13°C
  • Thu
  • 28°C
  • 11°C
  • Fri
  • 33°C
  • 16°C
  • Sat
  • 32°C
  • 20°C
  • Mon
  • 20°C
  • 12°C
  • Tue
  • 18°C
  • 12°C
  • Wed
  • 21°C
  • 11°C
  • Thu
  • 18°C
  • 13°C
  • Fri
  • 19°C
  • 13°C
  • Sat
  • 17°C
  • 14°C
  • Mon
  • 34°C
  • 18°C
  • Tue
  • 36°C
  • 18°C
  • Wed
  • 33°C
  • 14°C
  • Thu
  • 30°C
  • 13°C
  • Fri
  • 36°C
  • 17°C
  • Sat
  • 34°C
  • 22°C
  • Mon
  • 35°C
  • 18°C
  • Tue
  • 34°C
  • 17°C
  • Wed
  • 29°C
  • 14°C
  • Thu
  • 30°C
  • 14°C
  • Fri
  • 35°C
  • 17°C
  • Sat
  • 33°C
  • 21°C
  • Mon
  • 31°C
  • 19°C
  • Tue
  • 24°C
  • 16°C
  • Wed
  • 18°C
  • 14°C
  • Thu
  • 29°C
  • 16°C
  • Fri
  • 23°C
  • 17°C
  • Sat
  • 26°C
  • 19°C
  • Mon
  • 21°C
  • 15°C
  • Tue
  • 18°C
  • 13°C
  • Wed
  • 17°C
  • 12°C
  • Thu
  • 18°C
  • 12°C
  • Fri
  • 20°C
  • 11°C
  • Sat
  • 19°C
  • 13°C
  • Mon
  • 20°C
  • 11°C
  • Tue
  • 18°C
  • 10°C
  • Wed
  • 23°C
  • 8°C
  • Thu
  • 20°C
  • 10°C
  • Fri
  • 21°C
  • 11°C
  • Sat
  • 15°C
  • 13°C
  • Mon
  • 18°C
  • 13°C
  • Tue
  • 16°C
  • 11°C
  • Wed
  • 19°C
  • 10°C
  • Thu
  • 16°C
  • 12°C
  • Fri
  • 19°C
  • 12°C
  • Sat
  • 16°C
  • 13°C
  • Mon
  • 36°C
  • 18°C
  • Tue
  • 36°C
  • 22°C
  • Wed
  • 33°C
  • 17°C
  • Thu
  • 32°C
  • 15°C
  • Fri
  • 37°C
  • 18°C
  • Sat
  • 34°C
  • 22°C
  • Mon
  • 34°C
  • 16°C
  • Tue
  • 29°C
  • 14°C
  • Wed
  • 30°C
  • 10°C
  • Thu
  • 29°C
  • 14°C
  • Fri
  • 33°C
  • 11°C
  • Sat
  • 31°C
  • 12°C
  • Mon
  • 34°C
  • 15°C
  • Tue
  • 33°C
  • 17°C
  • Wed
  • 17°C
  • 13°C
  • Thu
  • 34°C
  • 13°C
  • Fri
  • 32°C
  • 16°C
  • Sat
  • 35°C
  • 18°C
  • Mon
  • 21°C
  • 13°C
  • Tue
  • 18°C
  • 10°C
  • Wed
  • 17°C
  • 10°C
  • Thu
  • 16°C
  • 10°C
  • Fri
  • 23°C
  • 8°C
  • Sat
  • 20°C
  • 14°C

Ghana and Ivory Coast lift threat to suspend cocoa supplies

In what they called a 'historic' move, the two West African neighbours on 12 June vowed to suspend the sale of their 2020/2021 production to buyers unwilling to meet a minimum price of $2,600 per tonne, a move that shook the cocoa market.

Women sort cocoa beans at a cocoa exporter's in Abidjan, Ghana on 3 July 2019. Picture: AFP

ABIDJAN - Ivory Coast and Ghana, the world's two largest cocoa producers, have ended a threat to stop selling their production in what was a push for higher prices.

In what they called a "historic" move, the two West African neighbours on 12 June vowed to suspend the sale of their 2020/2021 production to buyers unwilling to meet a minimum price of $2,600 per tonne, a move that shook the cocoa market.

The two African nations - which together account for 60% of the world's production - are campaigning to end a situation where cocoa producers make only $6 billion in a global chocolate market worth around $100 billion.

"The two countries decided to lift the suspension of sales of the 2020/2021 crop from today July 16," the chief of Ivory Coast's coffee and cocoa council, Yves Kone-Brahima, and Joseph Boahen Aidoo, chief executive of the Ghana Cocoa Board, said in a joint statement Tuesday.

At a meeting in Ivory Coast's commercial capital Abidjan on 3 July, the two countries introduced a so-called Living Income Differential of $400 per tonne.

The differential would kick in for export contracts for the 2020/2021 crop if market prices fell below $2,600 a tonne.

A World Bank report released last week said Ivory Coast, the world's largest producer, earns just a fraction of the crop's potential value, and that 55% of cocoa producers live on about 757 CFA francs ($1.3 / 1.15 euros) a day, which is below the poverty line.

Cocoa accounts for 40% of the nation's exports but the country only earns about 8% of total profits in the cocoa-chocolate sector.

Almost 80% of the sector's profits are concentrated in the processing of chocolate paste and in the distribution of finished products to consumers, "two phases in which Ivory Coast does not yet play a major role", the report said.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus