The floor price for Cocoa has been pegged at US$2,600, by stakeholders from Ghana and the Ivory Coast after a two day meeting encapsulating Cocoa Trade houses, processors and manufacturers in Accra.
A statement issued by Cocobod a while ago and made available to BestNewsGH.com explained that a technical meeting would be held in Abidjan on July 3 2019 to fine-tune mechanisms for implementing the agreed floor price.
Convening the technical committee meeting to fine-tune the modalities for implementation became necessary after the processors, manufacturers and traders expressed the desire to have such a meeting.
‘’It was also agreed that the issues of sustainability, relating to traceability, environment and child labour, although important be decoupled from the floor price and to be discussed at another forum’’ the statement read in part.
Read the full press release below:
CÔTE D’IVOIRE – GHANA COOPERATION IN COCOA
Côte d’Ivoire – Ghana Co-operation was instituted at the instance of the President of the Republic of Côte d’Ivoire, SEM Alassane OUATTARA and the President of the Republic of Ghana, H. E. Nana Addo Dankwa Akufo-Addo, the in 2017, for the Ghana Cocoa Board and the Le Conseil du Café-Cacao to pool resources and synergize efforts in tackling common challenges of production and marketing, as well as, taking common position on international issues relating to cocoa.
The initial works culminated in the signing of the Abidjan Declaration in March 2018 by the two Presidents. The Abidjan Declaration states among others “…to find a sustainable solution for the improvement of prices obtained by cocoa producers in their respective countries”.
In pursuit of the above, a two-day Stakeholder Engagement, involving all major cocoa trade houses, processors and manufacturers was convened in Accra to discuss a mechanism for the implementation of a common floor price for cocoa beans produced from Côte d’Ivoire and Ghana.
The following conclusions were agreed at end of the meeting:
- The proposed floor price of US$2,600 was accepted by all stakeholders;
- However, processors, manufacturers and traders requested for a technical meeting to fine tune the mechanism for the implementation of the floor price;
- It was agreed that a technical meeting be held on 3rd July, 2019 in Abidjan to fine tune the modalities for implementing the floor price;
- It was also agreed that the issues of sustainability, relating to traceability, environment and child labour, although important be decoupled from the floor price and to be discussed at another forum.
- Prelude to any further engagement on the matter, Cote d’Ivoire and Ghana suspended sales of the 2020/21 Crop until further notice, in preparation for the implementation of the floor price;
DONE IN ACCRA, GHANA
JUNE 12, 2019