The two leading cocoa producers, Ghana and Cote d’Ivoire have signed an agreement with stakeholders that allows them to set the minimum price of a cocoa tonne at $2600.
The initiative is set to kick start for the 2020/2021 crop season, as it had been proposed by the two countries earlier on Tuesday June 11 2019.
The two countries supply more than 65 per cent of the world’s cocoa beans.
A technical committee is expected to meet on July 7th, 2019 in Cote D’Ivoire on the road map for full implementation of the deal.
Ghana and Cote d'Ivoire had resolved not to sell their cocoa on the international market if they fail to obtain the proposed price for the produce.
Earlier Vice President Dr Mahamudu Bawumia underscored the government’s commitment to improving the living standards of cocoa farmers by ensuring they receive greater benefits for their toil.
Dr Bawumia urged stakeholders in the cocoa value chain, including Trade Houses, Cocoa Processors and Chocolate Manufacturers, to join the governments of Ghana and Cote d’Ivoire to address the high-income disparity between farmers and the end users of cocoa products.
The two countries are co-operating to tackle common challenges in the production and marketing of cocoa, and to create a conducive platform for effective engagement with traders, processors, manufacturers, and retailers on all relevant issues of mutual interest, including farmers’ income.