I saw some great news earlier today and, as always, felt the need to share. The following information comes from Africa News.
Stakeholders in the cocoa industry recently accepted a $2,600-floor price deal from Ghana and Ivory Coast. Both nations threatened to stop selling their products to buyers who couldn’t meet the minimum price. Joseph Boahen Aidoo, Chief Executive of the Ghana Cocoa Board, advised the following:
“Ivory Coast and Ghana have suspended the sale of the 2020/2021 crop until further notice for preparation of the implementation of the floor price.”
“This is the first time when the producers have called consumers and the first time whereby suppliers have called buyers to come and engage on price.”
“Over the years it has been the buyers who have determined the price for the suppliers.”
Ghana and Ivory Coast are the world’s top two cocoa growers, accounting for 65% of global cocoa supplies. So it’s great to see these two countries set a strict code of conduct regarding revenue streams for their product. You can check out the full article by clicking here. If you have any additional information, feel free to comment below.
Until Next Time…