In regards to the newly proposed minimum price of cocoa by the two West African countries, manufacturers and buyers of Cocoa have agreed to the minimum price of $2,600 per tonne. This is intended to address the wide variation that is perceived to be existing between farmers’ incomes and profit made by big commodities dealers.
“This is a historic meeting during which suppliers and buyers have engaged and agreed on a price below which the producers will not sell,” the Chief Executive of Ghana’s Cocobod, Joseph Aidoo said. The Ghanaian and Ivorian agriculture ministries on behalf of the people involved requested for a technical meeting on July 3 to address details of its implementation.
Read more at Reuters