Ghana, Ivory Coast to meet cocoa buyers again in September

Citi Business News has gathered that officials from Ghana and Ivory Coast will meet cocoa processors and Chocolatiers on the international market in September to agree on the price of Cocoa beans.

The meeting which will take place on September 11, 2019, in Abidjan, Ivory Coast is to ensure players on the international market agree to the new floor price set by the two countries.

The two countries after a series of meetings agreed to sell a tonne of cocoa for $2,600.

Head of Public Affairs at Cocobod, Fiifi Boafo who disclosed the meeting to Citi Business News said it is to ensure an extensive consultation with all stakeholders.

“The issue has to do with the ability of the industry. Ghana and Ivory Coast have agreed to meet all the international partners to have a meeting on the 11th of September to discuss pricing and other trading mechanisms. We have no doubt that the new trading mechanism will be accepted by all,” he explained.

According to media reports, Ghana struggled to found buyers for its cocoa last week as a US$400 surcharge it had placed on the commodity became effective.

The surcharge was to provide additional income to cocoa farmers whose livelihood continue to depreciate despite being responsible for the key ingredient in the billion-dollar chocolate industry.