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    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

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    Policy rate likely to be increased to tame inflation – Databank CEO

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    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    Transactions to be affected by E-levy

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Ghana, Cote d’Ivoire secure US$2,600 minimum price for tonne of cocoa

bycitibusinessnews
June 12, 2019
in Agribusiness, Agriculture, Top Stories
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Stakeholders in the cocoa value chain have agreed to a proposal by Ghana and Cote d’Ivoire to set a minimum price of US$2,600 per tonne for the cash crop after a historic meeting in Accra, the two countries have announced.

The two-day meeting held in Accra, 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.

Following the announcement of the decision, a technical committee is later expected to be constituted in Abidjan, Cote D’Ivoire on July 3, 2019, to plan a road map for the implementation of the floor price regime.

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When the minimum price becomes effective,  the two countries will no longer sell cocoa beans on the world market below the US$2,600 floor price, thereby guaranteeing farmers a much higher price than currently prevails.

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, after the meeting, confirmed the breakthrough.

The two countries further announced that their forward sale of cocoa beans in the 2020/2021 crop season will be put on hold awaiting the implementation of the new price regime.

The meeting was necessitated by the fact that 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.

The two countries last year unveiled plans to coordinate cocoa production and marketing as part of efforts to exert more control in the market after price volatilities in recent years.

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