Abidjan,
Ivory Coast — Ivory Coast and Ghana, which together supply about 60% of the
world’s cocoa, will start co-ordinating their sales of the beans as part of
efforts to exert more influence on the market.
Ivory Coast — Ivory Coast and Ghana, which together supply about 60% of the
world’s cocoa, will start co-ordinating their sales of the beans as part of
efforts to exert more influence on the market.
The West
African neighbours want to harmonise their marketing systems and officials from
each country will visit the other to exchange information, Joseph Boahen Aidoo,
CEO of Ghana’s cocoa regulator, told reporters in Abidjan, Ivory Coast’s
commercial capital, on Wednesday.
African neighbours want to harmonise their marketing systems and officials from
each country will visit the other to exchange information, Joseph Boahen Aidoo,
CEO of Ghana’s cocoa regulator, told reporters in Abidjan, Ivory Coast’s
commercial capital, on Wednesday.
“So
once we’re able to harmonise, then the two countries can decide when to go to
the market,” Aidoo said. “Once that decision is taken and what amount
or volumes of cocoa that can go to the market, then we can regulate.”
once we’re able to harmonise, then the two countries can decide when to go to
the market,” Aidoo said. “Once that decision is taken and what amount
or volumes of cocoa that can go to the market, then we can regulate.”
The
countries will also work on setting a “decent” floor price for their
farmers and will announce the rate at the same time before each harvest from
next season, they said in a statement.
countries will also work on setting a “decent” floor price for their
farmers and will announce the rate at the same time before each harvest from
next season, they said in a statement.
Ivory
Coast and Ghana have been discussing plans for co-operation to strengthen the
West African cocoa sector and exert more influence over global prices, which
plunged in the previous two years after harvests were bigger than expected,
hurting both economies. Ivory Coast, the biggest grower, was forced to cut the
price for its estimated 800,000 farmers by more than a third last year.
Coast and Ghana have been discussing plans for co-operation to strengthen the
West African cocoa sector and exert more influence over global prices, which
plunged in the previous two years after harvests were bigger than expected,
hurting both economies. Ivory Coast, the biggest grower, was forced to cut the
price for its estimated 800,000 farmers by more than a third last year.
The
announcement with details of the co-operation plans is unlikely to have much
impact on cocoa prices for now, said Carlos Mera, an analyst at Rabobank
International. “There were talks already and the countries were already
announcing price changes at more or less the same time.”
announcement with details of the co-operation plans is unlikely to have much
impact on cocoa prices for now, said Carlos Mera, an analyst at Rabobank
International. “There were talks already and the countries were already
announcing price changes at more or less the same time.”
The two
nations agreed to expand and speed up efforts to protect forests, Mariam
Coulibaly Dagnogo, a spokesperson for Ivorian industry regulator Le Conseil du
Café-Cacao, told reporters as she read out the statement issued after two days
of meetings in Abidjan. This could have implications for cocoa output as
growers in Ivory Coast have significantly expanded illegal plantations in
protected forest areas in recent years.
nations agreed to expand and speed up efforts to protect forests, Mariam
Coulibaly Dagnogo, a spokesperson for Ivorian industry regulator Le Conseil du
Café-Cacao, told reporters as she read out the statement issued after two days
of meetings in Abidjan. This could have implications for cocoa output as
growers in Ivory Coast have significantly expanded illegal plantations in
protected forest areas in recent years.
Ghana
will also start pulling up as much as 400,00ha of cocoa farms infected by the
swollen shoot disease, Aidoo said.
will also start pulling up as much as 400,00ha of cocoa farms infected by the
swollen shoot disease, Aidoo said.
The two
countries will make sure that programmes initiated by private companies to boost
production are in line with their joint strategies, Dagnogo said. Earlier this
year, Ivory Coast suspended existing programmes aimed at improving farmers’
productivity.
countries will make sure that programmes initiated by private companies to boost
production are in line with their joint strategies, Dagnogo said. Earlier this
year, Ivory Coast suspended existing programmes aimed at improving farmers’
productivity.
Cocoa for
September delivery dropped 2.2% on ICE Futures US in New York on Wednesday, to
$2,391 a tonne. Prices are up 26% this year.
September delivery dropped 2.2% on ICE Futures US in New York on Wednesday, to
$2,391 a tonne. Prices are up 26% this year.
