The world’s top cocoa growers – Ghana and Ivory Coast have on Tuesday suspended the sale of cocoa beans to the open market till further notice.
The suspension of sales under the 2020/2021 crop season was announced to stakeholders in a bid by both countries to get a fair price for their farmers.
According to a news channel, Graphic Online, both countries have proposed a floor price of $2,600 per tonne as opposed to the International Cocoa Organisation’s price averaging at $2,436.
Ghana and Ivory coast account for 65% of global Cocoa supplies and have refused to sell their produce below the agreed minimum price.
Both countries are set to destabilize the sustenance of the Cocoa industry if their demands are not met in a timely manner.