I. Coast aligns cocoa sales system with Ghana

Ivory Coast has started selling cocoa directly to the world’s top traders, switching from auctions to a system already used by the region’s other major cocoa producer Ghana, two senior sources at the cocoa regulator said...


Ivory Coast has started selling cocoa directly to the world’s top traders, switching from auctions to a system already used by the region’s other major cocoa producer Ghana, two senior sources at the cocoa regulator said.

Ivory Coast sold 400,000 tonnes using the new system in the first week of February, the sources at the Coffee and Cocoa Council (CCC) told Reuters.

The CCC was not available for official comment on Monday or Tuesday, despite repeated requests from Reuters.

The CCC in Ivory Coast and Ghana’s Cocobod have agreed to harmonise the sales system used in the world’s top two cocoa growers in bid to exert more influence on international prices, which have stayed low in recent years due to overproduction.

SPONSORED STORIES

In Ivory Coast, CCC had been selling to exporters through a system of auctions on its platform twice a day. That practice, introduced since 2012, is gradually being abandoned.

“After a meeting with the Cocobod board in December in Abidjan, we’ve decided to merge our sales systems, favouring the Ghana one that seems more fit to market fluctuations,” a CCC source said.

In Ghana, cocoa is traded in direct sales to exporters, depending on the international price.

“We’ve already sold 400,000 tonnes through this new system on a total of 600,000 tonnes for the 2019/20 season,” the CCC source said.

Ivory Coast, the world’s top cocoa grower, produced 2 million tonnes last season and expects produce about 2.2 million tonnes this season, a level that would be an all-time record.

Source: Reuters



Related Posts

Ghana may auction Eurobonds with or without final IMF review

Judge questions 1-yr delay in prosecuting man who set 11-yr-old boy ablaze

Muntari joins Spanish side Albacete on one-year deal

Woman lives with plastic pill packaging lodged in her throat for 17 days

Emiliano Sala: Missing Cardiff City footballer search resumes

East Legon Police Commander wasn't sidelined in Wuogon by-election – Accra Police Commander

NDC Shooting: Be quick with probe – Interior Minister to Police

IT Consortium gets ISO 27001:2013 certification

Leave a reply
your email address will not be published

Featured Posts

Chelsea played 'confused football' as Man Utd reach quarter-finals


IT Consortium gets ISO 27001:2013 certification


NDC Shooting: Be quick with probe – Interior Minister to Police


Netflix axes Marvel shows Jessica Jones and The Punisher


IT Consortium gets ISO 27001:2013 certification


Nwomaso Methodist basic school block collapsing


East Legon Police Commander wasn't sidelined in Wuogon by-election – Accra Police Commander


IT Consortium gets ISO 27001:2013 certification


Netflix axes Marvel shows Jessica Jones and The Punisher


IT Consortium gets ISO 27001:2013 certification


East Legon Police Commander wasn't sidelined in Wuogon by-election – Accra Police Commander


IT Consortium gets ISO 27001:2013 certification


Nwomaso Methodist basic school block collapsing


Nwomaso Methodist basic school block collapsing