The sports category has moved to a new website.

Stakeholders in the cocoa sector agree on US$2,600 cocoa minimum price

Stakeholders in the cocoa value chain have agreed to set a minimum cocoa price of US$2,600 per tonne for the cash crop after a historic meeting in Accra.

Cocoa

This was after the two leading producers of cocoa (Ghana and Cote D’Ivoire) proposed the new price for the cash crop at a two-day meeting held in Accra. 

The meeting which was called at the instance of the two countries was attended by processors, traders, chocolate manufacturers among other organizations that play various roles in the cocoa industry.

After the new price has been announced a technical committee is expected to be constituted in Abidjan, Cote D’Ivoire on July 3, 2019. The committee will present a road map for the implementation of the floor price regime.

This means that when the minimum price becomes effective, the two countries will only sell cocoa beans from US$2,600 floor price and upwards on the world market.

ADVERTISEMENT

Currently, a tonne of cocoa, according to the International Cocoa Organisation, is being sold in excess of US$2,390 on the world market. The goal of the two-day meeting is to discuss the possibility of agreeing to a minimum price which is enough to keep the cocoa farmer in business.

A joint press conference by the two countries, Ghana and Cote d’Ivoire, is expected to make an official announcement of the outcome of the meeting.

This meeting was held because the two countries only get US$6 billion annually in the US$100 billion-dollar chocolate industry despite producing more than 60 percent of the world’s cocoa needs.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

10 African countries with the strongest military power in 2024

10 African countries with the strongest military power in 2024

ADVERTISEMENT