The world of cocoa buying countries and corporations have been hit by the refusal of Ghana and Cote d'Ivoire to sell and YEN.com.gh is seeking to explain why this was the case.
Ghana and Cote D'Ivoire are responsible for growing 65% of the world's cocoa and as such, those two countries decided to take logical step of leveraging their position to demand what they deem as fair prices for their cocoa.
Face2faceafrica.com is now reporting that after less than three days of declaring they will not sell cocoa for a floor price of less than $2,600 or about GHC 14,000, the neighbouring West African countries have won.
On Wednesday, June 12, 2019, Ghana and Cote d’Ivoire announced in a joint statement that they had won concessions from stakeholders in the cocoa industry.
Over the years, buyers of the cocoa have always been the ones to determine the price for suppliers and this was one of the main items for which Ghana called on Cote d'Ivoire and together, both took the radical step.
The top two cocoa producers, who together account for about 65% of the world’s production, have called this a historic move.
Globally, the chocolate market is worth around $100 billion, of which only $6 billion go to cocoa producers.
To put this in a continental perspective, Africa produces 75% of world’s cocoa and only gets 2% or $2 billion of the $100 billion industry.
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