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Price set for 'chocolate gold'

Publish date: 12 August 2019
Issue Number: 836
Diary: IBA Legalbrief Africa
Category: Trade

The Ivory Coast and Ghana will not sell cocoa from the 2020-2021 crop for less than $2 600 per ton, Ivorian President Alassane Ouattara has confirmed, saying his country has resolved to stick to a deal with Ghana to coordinate prices. The two West African neighbours joined forces in June to impose a floor price for cocoa of $2 600 per ton and a live income differential of $400 per ton. Al Jazeera reports that Outtara said he also wanted the guaranteed price for farmers to return to 2015 levels of $1.71/kg from the current level of $1.28/kg. The two countries last month gave in to pressure from the global chocolate industry and lifted a month-long ban on cocoa sales that was meant to push international buyers to accept a $2 600-a-ton minimum agreement.

Full Al Jazeera report